Word: guideposts
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...from Ideal." The official obituary to the guidepost policy was written at week's end by Gardner Ackley, chairman of the President's Council of Economic Advisers. In a speech prepared for summer commencement exercises at the University of Michigan, Ackley said: "The policy we have relied on-our wage and price guideposts-is surely far from ideal, and has recently suffered some stunning defeats. But what is more disappointing than the specific defeats is the absence of much apparent recognition on the side of either-labor or management that this problem must be solved...
Dunlop asked for "a politically viable change in policy"--a change in emphasis in enforcing the guidepost idea. Instead of relegating sectors like construction and medical services to "a few paragraphs of advice in the Council of Economic Advisors" annual report," Dunlop recommended that the government begin detailed studies of industries where wages and prices are rising rapidly...
...Present guidepost policy recommends that all wages should rise at a rate of 3.2 per cent a year. Industries should raise their prices only when their costs rise faster than the national average. Dunlop found five ways in which the system falled...
...When the government has mobilized pressure to enforce the guideposts, policy is administered "without due process." There is little logic in the choice of "situations selected for confrontation" since administrative difficulties often prevent action against the most flagrant violators of guidepost standards...
...Fixed guidepost standards, based on an average level of productivity increase are poorly coordinated with our economy's cyclical fluctuations. Productivity rises fastest in the early periods of an upswing when inflationary pressure is relatively slight. Labor costs and wage pressures start increasing more rapidly than productivity when the country approaches full employment...