Word: waged
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Dates: during 1960-1969
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Nixon has quite a bit of room for some mildly deflationary measures because unemployment is so low. Encouragingly, economists of the Johnson Administration believe that the wage-price spiral eventually can be restrained by permitting unemployment to climb back to a politically acceptable rate of about 4%, and letting it hover there for a while. But, warns Arthur Okun, the outgoing chairman of the President's Council of Economic Advisers: "If ever there is going to be a year of bliss for the American economy, it will...
...Czechoslovak Central Committee to be held later in the week to decide the fate of the country's liberal economic program that once was an integral part of Dubcek's now defunct reforms. Czechoslovakia's economy is in deep trouble; productivity has lagged far behind wage increases, and prices are in a wild upward spiral (120% for furniture, 60% for clothing). Russia, which aims to fasten the nation's industry more securely than ever to its own economic needs, last week proffered a sizable hard-currency loan. As usual, Soviet help would come with plenty...
...extra wealth can only be produced by each person exceeding his own needs in whatever he produces. Just as a farmer must grow more than his family eats in order to have something to sell, so must the factory worker turn out more value every hour than his hourly wage amounts to. The solution to the problems of rising costs and falling productivity is to put everyone back on either piecework or commission. This will eliminate featherbedding, slowdowns, etc., and at the same time raise our productivity nationwide...
...result was an 8-lb. boy named Thomas Knack, whose coming was no cause for celebration in the Knack household. The husband is a low-wage railroad worker already supporting five children. He blamed the local pharmacist, who had misread the handwriting on Frau Knack's prescription, for the birth of Thomas. Arguing that the error would strain the family budget, the Knacks took Pharmacy Owner Hans Reimer to court to recover damages...
Auto service is a mess largely because of abuses in the system by which repair shops calculate labor costs. Under the prevailing piecework system, mechanics are paid a set rate for each job rather than an hourly wage. To figure the labor charge, garages rely on "flat-rate" manuals that specify how much time each job should take. Although automakers publish their own flat-rate manuals, many garages prefer to use independent books that list longer work times-and thus higher charges-for each job. Whatever the manual, the cost of labor ordinarily is figured at $7.50 an hour, which...