Word: steep
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...Government's attempts to create a risk-free economy, in which there will never be a danger of serious business slumps or steep unemployment, has built an inflationary bias into society. Managers and workers have become confident that the state will intervene to stop any sharp business decline. Thus, instead of restraining wage or price demands when the economy slows, companies and unions continually push for more. Adam Smith maintained that each individual seeking his own profit would promote society's good, as if guided by an "invisible hand." But the late economist Arthur Okun argued that the comfortable relationship...
...broadside of conflicting statements over whether or not the President would support a tax cut if the economy went into a freefall. The confusion arose when Carter's anti-inflation adviser, Alfred Kahn, whose outspoken statements in the past have often caused the Administration embarrassment, declared that a steep economic downturn could well force the Government to pump up spending by cutting taxes...
...sell well. People are afraid to lock themselves into long-term fixed-income bonds; they figure that inflation will send interest rates still higher, and so they prefer to put their money into quick-in, quick-out investments that offer shorter terms or flexible yields. Bond yields may seem steep today, but if inflation keeps on roaring, they will not be as high as the returns on other investments tomorrow. Besides, if general interest rates keep rising, bond prices stand to decline further, and buyers will take a beating when they sell...
...amuse ourselves before tea, Alexis, Phillippa and I climbed the hillside where the University of Heidelberg stands, and followed the paths into the enormous forest-park that borders the city. Like Boston, Heidelberg sits on the banks of a river, the Neckar, and extends up both sides of the steep valley. Where the ruins of an old schloss (castle) still stand, the city dates back several hundred years. Also like Boston, students flock to this university town. The warm summer weather brings people out, and on an August day, German students and Americans' Mercedes crowd the streets. Unlike Boston, Heidelberg...
...days later, Moser-Pröll took a spill on the steep upper portion of the shorter women's slalom in the first run and was eliminated. Hanni stayed upright and swept to her second gold by a commanding margin of nearly 1.5 sec. With two golds and a silver in the three alpine events, she matched the smashing performance of West Germany's Rosi Mittermaier in the 1976 Winter Games at Innsbruck...