Word: outputted
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None of that is really reassuring, though; the Arabs essentially have the West over a 42-gal. oil barrel. World oil use will more than double during the 1970s. Slaking that intense thirst requires continual swift increases in output, and there is only one place they can come from. The desert sands of the Arab nations hold at least 300 billion bbl. of easily recoverable oil, or 60% of the proven reserves in the non-Communist world. Merely by increasing production more slowly than the West desires-let alone reducing it-the Arabs could cause considerable discomfort...
...million bbl. of oil it burns each day, but no more than 11% comes from the Arab countries. Cutbacks could prompt other major suppliers to reduce sales to the U.S. in order to conserve supplies in a tight global market. Even so, an eventual 25% slice in Arab output would cut U.S. supply about...
...Arab nations the West is facing something new: a group of countries that do not need the money that they could get by expanding output. By 1980 the Arab countries will be getting at least $50 billion a year for their oil. The Arabs believe, with some justice, that the price of oil can go only one way-up. Oil kept in the ground is thus a kind of savings account. It will be worth more in, say, 1976 than it is today...
Until 1958, when the success of his bronze Seagram building in Manhattan changed Mies from the architects' architect to something of a general cult figure, his output of finished structures was quite small. But his final years were full of projects, the last of which is the Brown Wing of Houston's Museum of Fine Arts, which officially opens next January. Completed after his death, it was previewed last fortnight by a black-tie party of more than a thousand Texans. It is the fourth museum building by a leading international architect to rise in Texas...
Though such direct involvement in public issues is unusual for an academic economist, it flows quite naturally from Leontief's most important achievement: the development of "input-output" analysis. Leontiefs big contribution was devising the formulas through which economists can determine with great precision how changes in one sector of the economy (inputs) will affect the performance of other sectors (outputs). Building on his pioneering work, Government economists now compile a huge statistical grid showing how much each economic sector buys and sells from every other major sector. Using the chart, they can, for example, calculate how much...