For some, the benign inflation outcome of 1996 might be considered surprising, as resource utilization rates--particularly of labor--were in the neighborhood of those that historically have been associated with building inflation pressures. To be sure, an acceleration in nominal labor compensation, especially its wage component, became evident over the past year. But the rate of pay increase still was markedly less than historical relationships with labor market conditions would have predicted. Atypical restraint on compensation increases has been evident for a few years now and appears to be mainly the consequence of greater worker insecurity. In 1991, at the bottom of the recession, a survey of workers at large firms by International Survey Research Corporation indicated that 25 percent feared being laid off. In 1996, despite the sharply lower unemployment rate and the tighter labor market, the same survey organization found that 46 percent were fearful of a job layoff.
Alan GreenspanRelated topics
acceleration atypical bottom building compensation component consequence corporation despite few found historical increase inflation insecurity international job labor large lay less lower market might neighborhood nominal now off organization outcome past pay rate recession research resource restraint sure surprising survey tighter utilization wage worker year percent years conditions layoff unemploymentRelated quotes
Unfortunately... the philosophy of Aristotle laid it down as a principle, that the celestial motions were regulated by laws proper to themselves, and bearing no affinity to those which prevail on earth. By thus drawing a broad and impassable line of separation between celestial and terrestrial mechanics, it placed the former altogether out of the pale of experimental research, while it at the same time impeded the progress of the latter by the assumption of principles respecting natural and unnatural motions, hastily adopted from the most superficial and cursory and remark, undeserving even the name of observation. Astronomy therefore continued for ages a science of mere record, in which theory had no part, except in so far as it attempted to conciliate the inequalities of the celestial motions with that assumed law of uniform circular revolution which was alone considered consistent with the perfection of the heavenly mechanism.
John Herschel
Planning is to be based on the democratic approach and method. There should, therefore, be definite place for voluntary effort...a substantial advance should be made towards solving the problems of unemployment. At the same a large increase is the supply of consumer goods should be secured through cottage and small scale industries...The Socialist pattern implies a large and growing public sector in the national economy...And economy based on the socialistic pattern does not preclude the existence of a private sector, particularly in agriculture and small scale industries...In the public and private sectors alike, the relations of workers to management should be such as would give to them a distinctive role and a share in the making of decisions affecting the enterprise...In any case, a series of measures will have to be adopted to eliminate speculative and unearned gains...Special attention will have to be given to the elimination of conspicuous consumption...
Gulzarilal Nanda
Thus we see that the second and third children have a very good chance to live through the first year. Children arriving later have less and less chance, until the twelfth has hardly any chance at all to live twelve months. This does not complete the case, however, for those who care to go farther into the subject will find that many of those who live for a year die before they reach the age of five. Many, perhaps, will think it idle to go farther in demonstrating the immorality of large families, but since there is still an abundance of proof at hand, it may be offered for the sake of those who find difficulty in adjusting old-fashioned ideas to the facts. The most merciful thing that the large family does to one of its infant members is to kill it. The same factors which create the terrible infant mortality rate, and which swell the death rate of children between the ages of one and five, operate even more extensively to lower the health rate of the surviving members.
Margaret Sanger
[Attlee] reminded the delegates that it was vital to reduce costs by greater efficiency, which meant that both employers and employed had to seek in every way to attain it. He did not believe in lowering wages as a means of reducing costs, but equally it was necessary to realize that increases of wages that were not matched by increases of production would gravely impair their chances of getting rapidly over their difficulties. Increased demands for money payments, when there was no increase of goods to meet them led straight away to inflation. There was a danger that when a justifiable advance in wages for an under-paid section of the workers had been granted it resulted in demands from those who had enjoyed higher wages to maintain the same differential. This was bad economics and bad social morality. He had been disturbed at the evidence that some people were abusing the social services in such matters as sickness benefit. They could not have them sabotaged by misuse.
Clement Attlee
I must painfully record my opinion that grave injury has been done to religion in many minds - not in instructed minds, but in those which are ill-instructed or partially instructed, which have a large claim on our consideration - in consequence of steps which have, unhappily, been taken. Great mischief has been done in many minds through the resistance offered to the man elected by the constituency of Northampton, which a portion of the community believe to be unjust. When they see the profession of religion and the interests of religion ostensibly associated with what they are deeply convinced is injustice, they are led to questions about religion itself, which they see to be associated with injustice. Unbelief attracts a sympathy which it would not otherwise enjoy; and the upshot is to impair those convictions and that religious faith, the loss of which I believe to be the most inexpressible calamity which can fall either upon a man or upon a nation.
William Ewart Gladstone
