Word: scarcer
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1970
Sort By: most recent first
(reverse)
...runs by steel prices. There would be no mandatory controls, no nasty squabbles between the White House and business or labor leaders, no interference at all with the free market. Instead, Government would simply balance its budget and pump less money into the banking system. As funds became scarcer in the private economy, business would simmer down and so, too, would prices. For a few "awkward months," predicted Nixon's economists, the nation would suffer mild "slowing pains" of high interest rates, little growth in production, some drop in profits and a moderate rise in unemployment. Eventually, inflationary pressure would...