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...first quarter of this year, business was heading back toward its pre-slump levels at a rapid clip-so rapid as to stir some fear that the economy might become overheated. Real gross national product-total output of goods and services discounted for inflation -surged ahead at an annual rate of 8.7%, astonishing for a huge, mature economy. Last week a "flash" estimate circulated within the Government that the real G.N.P. increase during the current quarter might slow to a rate of about 3%. While such early estimates are often unreliable, Alan Greenspan, President Ford's chief economic adviser...
During the year's first quarter, Japan's output of goods and services rose 3.5% from late 1975. That was far behind the U.S. performance of 8.7%. But it was ahead of last year's 3.1% increase and even better hi comparison with the grim year of 1974, when real G.N.P. actually shrank by 1.2% and many companies were driven toward bankruptcy. Now corporate earnings are once again on the rise. Official unemployment -which never got much above 2% of the work force-and inflation have abated. The Japanese are responding by buying apparel, leisure equipment, vacations...
...need to feel abashed at not knowing the answer: Indian Actor Shashi Kapoor, 38, is one of the stars in the Asian moviemaking world whose output is prodigious by Hollywood standards but who is seldom seen in the U.S. (Shashi did play opposite Hayley Mills in Pretty Polly.) For the most part, that is just as well. No other region of the world produces such a concoction of Kung Fu, scifi, porn, soapers, chasers and period pieces with such uneven degrees of tackiness and brilliance. From India to Japan, the film studios of Asia churn out more than...
...government faces huge problems in trying to rebuild war-shattered Angola. Coffee production from devastated fazendas (plantations) in the north will be only 500,000 bags this year, down from the normal 3.5 million bags. The industrial diamond concession in northeastern Angola will produce less than half its prewar output of 2 million carats this year. Internal transport is a shambles: dozens of key bridges and roads have been destroyed. Perhaps the most hopeful note for Neto is that production of crude at Gulf Oil's refinery in Cabinda has been resumed; the $500 million annual royalties from...
...good-even if Commoner does not spell out how the nation should go about financing such changes. But then he moves to a more demanding and shakier argument. All U.S. industry, he says, is caught in a trap. It keeps looking to new technologies to boost output and has to pay immense amounts of money for new machines. Since the money cannot come from internal profits - which Commoner, at least, claims have dropped sharply - it has to come from banks and other investors who are already pinched for capital. Moreover, the new processes tend to use less human labor, spurring...