Word: yardsticks
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Dates: during 1970-1979
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...absurd for them to call this process "free enterprise" when a cartel controls the supply. A federal oil corporation can restore free enterprise to the industry, its proponents should argue. The public company could explore domestically, seek out non-OPEC foreign sources, negotiate with OPEC, and serve as a yardstick to force other oil firms to compete. In contrast to the competitive public outfit, the existing oil companies can be labeled monopolistic, centralized private bureaucracies. A private oil company is just as large and bureaucratic as a government agency; with padded profit margins and no competition, it has just...
...companies." But the U.S. would not have to explain a decision to participate in the oil industry only in terms of joining its capitalist comrades. It could cite home-grown precedents, too. The best is probably the Tennessee Valley Authority. It was a model of the yardstick competitor not only in price but in services and social concern, reclaiming land and replanting forests...
...developed several yardsticks to gauge the supply of money. The narrowest of these is a number that is known as M-1 and is the total of currency in circulation plus other immediately accessible funds in commercial bank checking accounts. As measured by M1, the U.S. money supply at present is about $380 billion. A broader yardstick is M2, which includes all of M-1 plus savings deposits, and shows a money supply of $935 billion...
...Riekert Commission advocated dramatic change in the system and specifically in influx control. They recommended that the yardstick for the people in this country must be a job and a house. The Riekert Commission's report has been accepted in principle by the government. This is a tremendous change in the system, but because of the government's uncertainty as to the short-term effect of this principle, they weren't quite prepared to phase out the 72 hour ruling at once. (Any non-European unable to produce a pass upon demand is subjected to 72 hour detention...
...price that every American pays for these failures is a decade-long inflation that is the most pernicious price spiral since the Korean War, and certainly the most alarming one in the nation's history. Because competitiveness and efficiency have declined, and productivity growth, that most basic yardstick for measuring a nation's economic vitality, has slowed, the real cost of producing goods has jumped. Meanwhile, to keep demand up, the Government has created money and credit at far faster rates than businessmen can turn out products and services. The result: too much money chasing too few goods, which...