Word: offing
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Dates: during 1970-1970
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Is there any way that an advanced industrial society can keep from constantly ricocheting between the perils of inflation and unemployment? Some scholars think not, at least not without the most draconian action. John Kenneth Galbraith has become the voice of despair. He insists that, given the power of unions...
In fact, there are other choices. The tension between inflation and unemployment cannot be solved in the absolute sense of attaining either a zero rate of joblessness or a zero rate of price hikes, let alone both together. Still, the U.S. could take a number of steps that hold some...
The first step would be to establish an incomes policy that would stop far short of Galbraith's controls. Administration officials argue that incomes policy has never worked anywhere. They point out that Britain's Tory government is abolishing the Labor-created National Board for Prices and Incomes. In addition...
Actually, both the Canadian and British boards had some success. The main lesson of foreign experience is that governments often undermine their own incomes policies by pouring too much money into the economy?but that incomes policy combined with moderate-to-strict fiscal and monetary policies can have an influence...
At last week's TIME Board of Economists meeting, Arthur Okun proposed an incomes policy. The President, he said, should appoint a commission of distinguished citizens to spend six months consulting with labor leaders, corporate chiefs and consumer groups in order to work out equitable and noninflationary guidelines for wage...