Word: slowdowns
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Dates: during 1970-1979
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...arts. Brookings Economist Joseph Pechman, a liberal, points out that one goal of economic policy should be to increase productivity. But, he insists, it is impossible to know what kind of tax changes, if any, would do that, be cause economists are most uncertain what is causing the current slowdown in productivity. His view was disputed by several other speakers, but Pechman has a point: Congress is unlikely to find the best mix of policies to spur investment on its first try this year, and a long period of tinkering probably lies ahead...
Managers are mystified by the slowdown, and they, like Grayson, put the rap on Government regulations and those labor leaders who equate productivity drives with speedup and exploitation. But there is blame aplenty for managers as well, says Grayson. Too many are overly concerned with short-term profits, on which their bonuses and stock options are based. With inflation, regulation and high taxes all biting into today's earnings, managers put off investing in machines that would raise tomorrow's productivity...
...were confidently predicting that the U.S. would have 1,000 realtors producing power by the year 2000, and utilities were ordering 40 new plants annually. But last year utilities ordered only four new nuclear plants and deferred or canceled plans to build seven more. An important reason for the slowdown is that demand for electric power has not risen as rapidly as forecasters anticipated. Yet another major factor is that delays-some necessary, others merely obstructionist-have stretched completion time of a plant to ten to twelve years. The possibility that plants now abuilding may never be allowed to operate...
...this year, the Sisters sold 38% of all the oil moving in world trade, about as large a proportion as ever. Rising output from Alaska, the North Sea and the Gulf of Mexico, where they dominate drilling, might even increase their future share. The new production, combined with a slowdown in consumption, has put off the day when the world will start running out of oil to the 1990s, or the early 21st century. Far from being menaced by scarcity, the companies just now must cope with a global glut...
...deal: inflation may turn out to be no worse than expected this year. That about sums up the import of the news last week of a slowdown in wholesale-price increases in July. The month's annual rate of 6.2% was about a third less than the rises in May and June, and the smallest jump in four months...