Word: phrased
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Dates: during 1950-1959
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Friendly Critic. While the subject matter may seem ponderous, the treatment is not. Beginning in 1938 with Editor Crowther, a brilliant writer with a gift for aphorism ("the soft underbelly of Europe" was his phrase, not Churchill's), the Economist has produced some of the best writing in journalism. Parkinson's Law (that administrative staffs grow an inexorable 5% a year) was first drafted in the Economist. A friend to the U.S., the Economist can still issue sharp criticisms of U.S. policy: "The Eisenhower Administration, while having a policy towards the world, has consistently lacked policies for particular...
...jargon phrase for this is "the revolution of expectations," and it has resulted everywhere in solutions that do not solve. Poorer nations simply eat more, and either cut down on their agricultural exports or import food. Asia, excluding Red China, now imports about 10 million tons of grain a year. But the result is less foreign exchange in the coffers of most Asian nations, and less capital for needed economic development...
...sound money at the expense of economic growth. A little inflation, the argument runs, is a cheap price to pay for rapid growth. But as Anderson sees it, price stability is the friend of economic growth, not its enemy. What counts, he holds, is "sustainable growth" (a favorite Anderson phrase), which requires capital investment out of savings. "A high rate of saving," he argues, "is indispensable in achieving a high rate of economic growth." And since inflation is the enemy of thrift, it is in the long run the enemy of economic growth...
...agitation about Richter-Haaser stemmed from an old argument: Should a pianist try for note-perfect accuracy, as most U.S. pianists do, or should he try, in Artur Rubinstein's phrase, to "pull the listener in by the hair," letting the notes fall where they may? (Wisecracking Virtuoso Rubinstein boasted after one performance that he could play an entire new recital with the notes that had fallen under the piano.) Pianist Richter-Haaser belongs to the hair-pulling, note-dropping school, in the spectacular romantic tradition. His performance last week-Beethoven's "Appassionato," Sonata, Schumann's Fantasy...
...under King Croesus, reached its peak around 550. The source of the legendary wealth of Lydia was the enormous gold deposits (the present expedition hopes to discover their exact location). In 540, the Persians conquered the city and Croesus, the "millionaire-king" whose memory is still honored in the phrase "rich as Croesus", died...