Word: samuelson
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...JOAN I. SAMUELSON Poway, Calif...
...giant corporation in inflation. Economists generally agree that when inflation is caused by the pull of excessive demand, prices go up fastest in industries with a large number of small companies. But they also agree that big corporations play a disproportionate role in what Nobel Laureate Paul Samuelson calls "sellers' inflation"-the passing on of higher costs to consumers in the form of price increases. A special difficulty is the ability of giant companies in concentrated markets to maintain or even to increase prices despite falling demand. That ability is one reason the Nixon Administration still has not made...
...Poor polled 168 men and women who worked a four-day week and found that 17% were moonlighting, v. only 4% before the switch. But she found big increases in camping and boating, attendance at spectator sports, and plain loafing. Visits to relatives rose by 121%. Economist Paul Samuelson, who has endorsed the idea of the four-day week, suggests another possible result: a change in "the division of labor between husband and wife in the home to redress the ancient curse of female drudgery...
Nobel Laureate Paul Samuelson identifies another source of trouble: the power of unions and companies that makes them largely independent of market pressures. To take an egregious example, unemployment among aerospace engineers?or even hardhats?does not affect the behavior of the monopolistic construction unions, which rigidly control access to jobs and concentrate on seeing to it that any of their members who remain at work are well paid. Similarly, Samuelson notes, the law of supply and demand does not exert the same effect on giant companies that it once did on small producers in a simpler economy...
...week that it would abandon the wage-price guidelines that it had been trying to induce business and labor to follow. Even some liberal economists tend to be skeptical of such experiments. "A young man might win himself a Nobel Prize for developing a workable incomes policy," says Paul Samuelson...