Word: bosworth
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Dates: during 1980-1989
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...Bosworth said that a recession, "would create a pool of unemployed at the rate of one million people for every percentage point of inflation reduced...
However, Hendrik S. Houthakker, Lee Professor of Economics and one of three panelists responding to Bosworth, said that inflation was caused not by a "get even" mentality but instead by the "simple matter of too much money chasing too few goods...
...Bosworth said Americans must be willing to adopt an approach to fighting inflation which goes beyond considerations of fiscal and monetary policy...
...Bosworth cited the relationships between the momentum of inflation, constant shocks to the system such as oil price increases, decreased production and high dependency on foreign oil as the major economic problems now confronting...
...real problem is that almost any policy taken on one issue conflicts with those policies taken on others," Bosworth said, adding that the time has come for the Administration to start dealing with these problems as related issues...