Word: productivityâ
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...Wage and Price Stability, feels that excessive regulation is a primary reason why the average annual increase in U.S. productivity slowed from 3% between 1948 and 1966 to 2% since then. Gerald Ford's White House figured that the price of regulation?the cost of bureaucracy along with declining productivity???takes $2,000 out of the pocket of the typical American family each year, a larger sum than is collected in federal income taxes...
...efficiency." In the present climate, that notion sounds almost quaint. Equally quaint, perhaps, would be the ideas that hard work really is a virtue, that blue-collar jobs have dignity, and that increased leisure must be paid for in productivity???or a debilitating price spiral. Yet if any lesson is to be learned from the current surge of inflation, it is the simple and indisputable fact that there is no such thing as a free lunch...
...inherent contradiction is that the American worker's dream remains what it always has been: in modern terms, a house in the suburbs and two cars in the breezeway. Yet he is no longer willing to pay the traditional price of increased productivity???or, perhaps more accurately, unable to endure any more speedups. His contradictory yearnings were expressed by one striking G.M. worker in Tarrytown: "What I hope is, by the time my kids grow up, this plant will be automated. They'll sit here in business suits, looking at a panel of instruments, and they will be called technicians...
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