Word: long-running
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Object Lesson. What would happen to the U.S. economy in 1947 was inextricably tied up with a bigger long-run problem: What would happen to the world's economy? J. P. Morgan & Co., Inc.'s President George Whitney said: "If this country is to prosper we must try to help raise in some measure the standard of living in other countries and thereby bring about a wider market for our goods...
...national economy. for the most part unskilled today as in 1900, the potential immigrants could, to a large extent, alleviate the present manpower shortage existing chiefly in unskilled labor fields and could not budge high wage scales which are securely guarded by organized labor. Similarly, immigrants present no long-run unemployment problems, for industry, expanding under the impetus of increased demand and technological advancement, would absorb them. Finally, a sizable increase in our population and birth rate would do much to overcome a trend which now threatens to leave us far behind other nations in manpower potential fifty years from...
Fundamentally, according to this book, the trouble with contemporary economic policy is its emphasis on short-run special problems and its refusal to consider long-run effects on the nation as a whole. In support of his thesis, the author cites labor's featherbedding, the gouge of "parity prices" for the farmer, consumer insistence on price control, and similar examples of what to him is selfish myopia which can only restrict production...
Whether one agrees with Hansen or Hazlitt, he must recognize that the latter is setting the economist a well-nigh impossible task. Forecasting the "long-run" effects of any policy calls for the talents of a Nostrodamus far more than for the skills of a social scientist. The awe-inspiring speed of twentieth-century technological change, and the sweeping alterations which it makes in social structure, render any long-range prognostication a risky business at best...
...business. Of many discernible economic rhythms, the "Hoskins" rhythm of about 41 months is present in more than half the kinds of business studied. (Oddly, this is precisely the length of the high-low cycle of heat received by the earth from the sun: 40.8 months.) The major long-run business cycle is one of 54 years; a 54-year rhythm in British wheat prices has been traced back 800 years. On the back of this basic cycle rides a lesser one of nine years. Foundation Director Dewey has arranged his own business affairs in the expectation that there will...