Word: stubborn
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Dates: during 1960-1969
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...Today's stubborn inflation, according to Friedman and his adherents, has been greatly magnified by Federal Reserve Board mistakes. From April 1965 to April 1966, the money supply expanded at an abnormally high 9½%-per-year rate, even though inflation was on the rise. Too late, says Friedman, the board reversed itself too emphatically, and caused the "credit crunch" of August 1966. In 1968, the board, fearful that the tax surcharge would overburden the private economy, increased the money supply at an average annual rate of 10%?almost twice the rate that the economy could absorb without inflation. Then...
Addressing the students who participated in the recent takeovers, McKissick said, "What you did was a method of communication"- the only possible method to confront what he called the University's stubborn and racist stand...
...reaches the threshold of grown-up logic as early as seven and usually by eleven. Before that point, he may think that water becomes "more to drink" when it is poured from a short, squat glass into a tall, thin one with the same capacity. The reason for this stubborn misconception is that the child is paying attention only to static features of his environment, not to transformations. Now, at the age Piaget calls that of "concrete" intellectual activity, the child can deduce that pouring does not change the quantity of the water. He has begun to reason...
...most stubborn problem of all is agriculture. Seventeen months ago, a new agricultural policy was introduced that called for a single six-nation market with uniform prices for most farm products. Hailed as the Common Market's finest achievement, the policy has not worked as well in practice as it did on paper. French devaluation and German revaluation shook the price structure. Instead of eliminating marginal farmers, the Six have kept them in business through a tangled network of supports and tariffs...
HELLER: I agree that we have passed the peak of inflationary pressures. But there is some evidence that, compared with previous years, inflation is more stubborn now. I'm not sure that prices are responding to anti-inflationary policies as quickly as we had hoped...