Word: impactions
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Perhaps the most important development in U.S. economics since 1946 has been the emergence of what Mitchell called for: a body of statistical information on how the economy actually behaves under various conditions and under the impact of various policies. Says Walter Heller: "We simply know a whole lot more about where we are than we ever did before." The accumulation of detailed economic data, plus the refinement of statistical techniques, has brought about what Stanford Economics Professor Kenneth Arrow calls the "professionalization" of economics. By broadening the areas of fact, the professionalization has narrowed the areas of theory...
Steady Rise. As might be expected, Bowen found that unions have their greatest impact on wages in boom times rather than in recessions. Nevertheless, in the 35 years of the relatively weak craft union, prior to the Wagner Act in 1935, constant-dollar wages showed a slightly larger percentage increase (from 53? to $1.13 an hour: 114%) than in the 25 years since ($1.13 to $2.20: 95%), when the powerful industrial union has come into its own. Since 1900 the output per man-hour in U.S. manufacturing has risen at an average annual rate of 2%-3% a year. Wage...
...question of the size of the College first came up in 1954-55 when educators began to discern the impact that booming population might have on the colleges. Many Harvard men were troubled about the higher institutions' lack of preparation for the flood of applications. They felt that Harvard had to respond strongly to the danger, so alerting the rest of the country to it and at the same time handling a small part of it. If we raise the numbers admitted here, they said, we make our contribution. And so it followed that the President spoke of bringing...
...forced to close because they cannot afford to pay their workers a new minimum wage, the U.S. Labor Department made an exhaustive study of the effects of the 1956 increase, reported that only 62,000 workers in 15 low-wage industries had been laid off in the first impact of the $1 minimum-wage hike. The strongest arguments against a boost were made by the director of economic research of the U.S. Chamber of Commerce, Emerson Schmidt. But a survey he introduced to support his position granted that "in a majority of instances, the $1 minimum wage appeared to have...
...final chapters, Rosenberg discusses a minor myth--that of the Wandering Jew. "The story of Cartaphilus, who struck Christ on His way to the Cross and was condemned to tarry until His second coming, has left far less of an impact on literature than the Shylock story; but it is in many respects a more useful legend. It answers the purpose of literary history more readily; it changes; it adapts itself to the demands of diverse generations and diverse beliefs. It provides a more reliable and more 'readable' barometer than Shylock to the kind of civilization, ideology, and regnant literary...