Word: price-level
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...inflation: the price-level during the past 30 years has become less and less firmly anchored in the real economy; increasingly, the economy behaves as if it were indexed. What that means is that wage rates tend to chase prices, and, in turn, push up labor costs, which in turn, push up prices--a "dog-chasing own-tail" inertial process that, once it becomes embedded in the economy at a certain speed, is very hard to slow down. If yesterday wage rates were rising at 9 per cent, with trend productivity increasing at 1 per cent and therefore labor costs...
...controversy began in December, when the Rent Control Board voted to allow landlords to pass on to tenants increased fuel and tax costs and to charge an additional 3.1-per-cent price-level adjustment...
...champion of the Great American Farmer, Mr. Wallace has done more than his share. In the field of agricultural economics, his contributions in the matter of crop-yield forecasts and long range price-level predictions head the long list of his accomplishments and efforts in behalf of the famer...
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