Word: rigidity
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Dates: during 1950-1959
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...began laying the groundwork for a comprehensive report on the Louvre and its great collection, to be keyed to a two-volume study of the museum being published this year. Photographer Eric Schaal was sent from Switzerland to take color photos of the Louvre masterworks, found himself up against rigid regulations limiting photographers to two lights (of not more than 250 watts) at a distance of more than ten feet. To make faithful reproductions of the paintings, Schaal worked long hours at night in the empty galleries. For Part I of the results, to be followed next week with four...
...President Eliot's elective system was foreshadowed when Hebrew became elective, but with this exception, Harvard classes followed rigorously prescribed courses of study for almost two centuries. Classical studies were in time augmented by the addition of modern languages and laboratory sciences, which permitted some change in an otherwise rigid curriculum...
...same way, wages are growing more and more rigid. They are on a ratchet, clicking steadily higher, but locked against any slippage downward. Despite the recession, there are so many escalator clauses, unemployment benefits, and automatic increases that wages this year are still going up (see State of Business). The belief that rising productivity will make up for wage increases, thus holding prices stable, has also proved false-at least in the short run. In 1957 wages jumped 4.5%, yet output per man-hour rose only 1.8%-and prices jumped 3%. The Government, with its farm subsidy and other...
...University of Chicago's Albert E. Rees would also like to see the Government itself put an end to price-boosting devices, e.g., farm price supports, tariffs and import quotas that shelter inefficient domestic producers. Said he: "If the Government is to condemn private enterprise for using rigid prices, it should itself cease being the greatest single source for price rigidity in the economy...
Whatever the solution, the theories about full employment will have to be changed in the light of today's rigid wages and prices. The U.S. can no longer operate on the premise that maximum employment, i.e., 4% jobless or 2,700,000 workers, is compatible with stable prices. Unless it is willing to accept the idea of close to 5,000,000 unemployed as "reasonably full employment," then it must expect a continuing rise in prices...