Word: trended
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Dates: during 1940-1949
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...this paradox possible? The answer lies in the nature of the endowed institution. Harvard does not live on its endowments but on the interest which they earn. Thus, as the interest rate falls its income dwindles proportionately; so that to maintain income at a stable level, the downward trend of the interest rate would have to be offset by a proportional growth of endowments. And unfortunately there is little hope for endowments to increase: steeply progressive taxes prevent the accumulation of fabulous fortunes, and low interest rates discourage donations of large capital funds. The endowed college is hemmed...