Word: wages
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Dates: during 1970-1979
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German economists are happy to point out that moderate wage demands on the part of German labor unions paved the way for Schmidt's successful fiscal and monetary policies. Unlike British, French, or Italian labor unions, German labor unions practice a remarkable degree of cooperation with corporate management and do not regard government as an adversary...
...example, in 1975 and 1976, German labor unions renounced wage hikes that would have increased the buying power of German workers. Given the current rates of inflation, the decision represented a deterioration in labor's standard of living. Commenting on this remarkable economic behavior, one German economist said, "German labor unions see unemployment as the inevitable result of the international economic recession. They accept the fact that in order to remain competitive in the international market, German firms must raise their productivity and this may easily mean a greater number of lay-offs. German labor unions believe that...
...directorship of the Council on Wage and Price Stability has not been filled since the former director became undersecretary of labor...
...directorship entails "the analysis of price and wage developments and government decisions" to determine "whether they are consistent with anti-inflationary policy," Houthakker said...
...Harvard professor of Economics has for the second time turned down an offer of a position with the federal government as director of the President's Council on Wage and Price Stability...