Word: short
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Dates: during 1970-1979
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...warning: America has been living off, and eating into, its capital stock. Many of its factories and machines have become outmoded; its old industrial cities have become rundown; its work force has become less productive; real growth has swung low while demand has remained high. The nation is, in short, losing its economic edge in the world, and the hour is late?very late...
Meanwhile, shortages have begun turning up everywhere. Aluminum is in short supply, and such companies as Boeing and McDonnell Douglas must place their orders far in advance to have enough on hand to meet aircraft delivery schedules. Metalworking machinery is also scarce, as are the steel forgings needed by automakers. That, in turn, has helped create shortages of small, fuel-efficient cars, and boosts imports of competing foreign models. There is even a squeeze on fans for people who want to save money by turning off air conditioners, and shortages of insulation for homeowners who are eager to cut winter...
ROBERT LUCAS, 41. The "rational expectations" economists hold that short-term policy jiggering cannot outsmart human ingenuity, or, you can't fool all the people even some of the time. One principal in this school is Lucas of the University of Chicago. Says he: "The real amount of goods and services available cannot be manipulated effectively by short-term market interferences. Such policies are based on the premise that we, the Government, can make people work harder, invest more or perform some other desired objective. But people are skeptical, so such policies do not work any more. The public...
When that happens, Nigeria will have come full circle to the democratic system it inherited when it won independence from Britain in 1960. Since then, the country has had a shaky coalition regime, a short-lived parliamentary republic, three coups, a bloody civil war and the assassination of a head of state. Nigeria has simultaneously been afflicted by social and economic strains that have grown along with its wealth, which comes from its copious reserves of easily refinable "sweet" light crude oil. Largely because thousands of peasants have deserted their farms to seek bloated wages in booming Lagos, the country...
...caseload of those in The Bronx, but dispose of cases five times as fast. Why the difference? Because some judges take an active role in pushing a case along from the moment it is filed. They enforce strict deadlines on filing motions and papers and limit pretrial discovery; in short they stop lawyers from delaying. In other courts, judges sit back and let lawyers set the pace by handing out postponements freely...