Word: product
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Dates: during 1960-1969
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British Petroleum is building a pilot plant at Lavéra and plans to produce a ton of oil protein per day. The new product will be tried out first as animal feed but there seems to be no reason why it shou d not be fed to humans too. Produced in marketable quantities, it may turn out to be a bargain. Low-grade oil sells tor slightly more than 1? per lb., and a pound of good protein has the nutrient value of 5 lbs. of lean meat...
Economists take infinite pains in diagnosing the auto, oil or steel industry, but almost no one tackles the industry that makes 'the most important product of all. It is knowledge, defined as information, old or new, which is produced and disseminated by all kinds of agents-Mom, TV, Harvard, Madison Avenue or the Roman Catholic Church. Can anyone judge their economic efficiency, or even the cash value of their services...
...Price of Mother. Last week Machlup published a massive study titled The Production and Distribution of Knowledge in the United States (Princeton University Press; $7.50). In words as witty as his statistics are weighty, Machlup argues that knowledge spreading is indeed a definable industry, which in 1958 produced goods and services worth $136.4 billion. Machlup breaks it down into five subindustries with 52 branches. He includes not only publishing, broadcasting, research and development, but even religion, a $2.5 billion item for everything from clergy to construction. Machlup even puts a price tag on mothers of preschoolers : the pay they give...
...Sperry Rand, with its new PACC (Product Administration and Contract Control) system, now has nine people handling data-processing assignments that previously occupied 201 employees...
...better-than-average tennis, and sacrifice virtually all semblance of family life. But now, says he, "it's nearing the point where I'm beginning to be satisfied and lead a normal life. Today, we're running this company with predetermined objectives, not just taking a product and carrying it one little step further...