Word: smiths
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Dates: during 1970-1979
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...America's farmers: Get bit or get out. Though Time counts on its readers to forget that writers (and editors) with opinions bang out its byline-less features, the author(s) of its Nov. 6 cover story, "The New U.S. Farmer," had obviously studied up on his Adam Smith economics and his Department of Agriculture (USDA) statistics in preparation for this defense of U.S. agriculture, "the productivity wonder of the world." Couched in Timese idiom, readers might almost be lulled into believing this bland prose. But beware -- it is really a simplistic, inaccurate polemic dressed up as objective journalism...
...heroes of this rural drama are the "big and efficient farmers" who "are giving the nation a lesson in Adam Smith economics." They calculate and compute and invest to pile up ever more profits like "Smith said capitalists should." Time fails to note that most farmers could make more money by stashing their assets in a bank vault and living off the interest. According to Time, the results of free market competition have been innovation, growing production and "reasonable costs to consumers...
Myth two: Adam Smith was right. Time's archaic assertion that small farmers are to blame for their inability to accumulate profits is about as accurate as saying a high unemployment rate is the fault of lazy welfare cheats. The forces putting farmers under have virtually nothing to do with their own efficiency, and everything to do with barriers to competition that would make Adam Smith very unhappy. Not only do farmers have to overcome drought, locust plagues, hail storms, and an uncontrollable international food market, but the numerous, relatively unorganized and competitive farmers also have to buy from...
...DAYS when big business was so much fun. All those pleasant corporate execs used to caper around the office in their pleasantly grey flannel suits, every now and then molesting the pleasantly available secretaries, and all the while running the engines of the American economy at full throttle. Adam Smith would no doubt have enjoyed it, and probably would have hypothesized some benevolent invisible hand to direct all that frisky lechery and banality toward a common good. At the very least, he would have appreciated the healthy, self-enforced chivalry of the times: martinis at dawn, and to the victor...
MARRIED. Jaclyn Smith, 33, dark-maned heroine of TV's adventure series Charlie's Angels; and Dennis Cole, 38, actor; both for the second time; in Manhattan...