Word: personics
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Dates: during 1980-1989
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...economists slightly less conscious about winning establishment applause. Economics is a historical process and policies must accomodate to historical process and policies must accomodate to historical change. Keynes's economics is not appropriate to a world of strong unions, large unions and big government, and Keynes is the last person in the world who would have expected...
...diverse as watches, hi-fi equipment, television, ceramics, motor bikes, and pianos. By the end of the 1970s, the Japanese total industrial output was about three-quarters of that of the United States, with half the population or about one and one-half times as much industrial output per person as in the United States. The standards of living and the average income was of roughly the same order as in the United States. Japanese investment in new industrial plant and equipment already rivalled the United States (it totalled twice as much per capita), but with overall economic growth--especially...