Word: short-run
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...fact that key symbols of both parties happen to be seeking re-election makes this fall's campaign much more than a more struggle for short-run control of Congress. Observers will be keenly watching the personal campaigns of Republicans Taft, Dcwey, and Milliken and of Democrats Lucas, Meyers, Tydings, and Helen Gahaghan Douglas. The outcomes of these races will test almost every important national issue and will certainly give a clue to what will happen...
...best any man did in one session was to win $16 of Mosteller's money; however, the man who followed the odds most carefully and took only the best risks was the smallest winner after the eight-week experiment ended. Mosteller attributed that fact to the short-run nature of the experiment...
...Hoffman was nibbling at a problem which many economists feel will inevitably scuttle the value of any economic aid we send to Europe, at least on a short-run basis. Europe, partially due to war damage, partially to technical immaturity, can produce neither as cheaply nor as efficiently as the U.S. This means it cannot trade with us in a particularly equal give and take footing. But this situation is even further aggravated by the myriad trade barriers and currency controls still stretched onto the containment; these restrictions are actively preventing what Hoffman calls the "resumption of normal healthy trade...
Finally, Professor Williams believes that much of the success or failure of the British action will depend on the United States. The fundamental cause of Britain's and Europe's dollar deficits "lies in our short-run economic instability and our long run tendency to outstrip others in production." The remedy here, Professor Williams feels, may be President Truman's "Point Four" plan to build up undeveloped regions through export of American technology and skill. "And we must preserve stability at home if we really want to achieve a world balance by some other means than the expenditure...
These troubles are, simply, that (1) Europe cannot produce as well and as efficiently as the U. S.; (2) As long as this technical backwardness continues, free trade between the continents is probably impossible. This is a reasonably short-run proposition; some day technological progress may put Europe very much back on its feet. But even ECA admits this day will...