Distinctive dininx in all atmosphere that is relaxed and casual. Choose from this caixo Hawaiian Chicken Australian Lobster Austin College Station Antonio Temple Corpus Christi oria Port Aransas Tucson 20 SEPTEMBER 5, 1980 1117 W. 5th Street Austin, Texas 78703 “Largest dispensatory of Botanicals in Texas” DALLAS McKinney Beg Main Store 4528 di—-‘ Downtown: Austin Alley , across from ‘cle ;;;!, —-… FORT WORTH _.: in Ridglea Shopping Center -… WACO 301 N. TEMPLE 44101 S. owneG lIt ene Co r u a l st s 7u Mu 4101,. c , FR1;;ARBS:d RAN Farmers y 1:R tvan:C Cwh 8.1″i i 81.41o:pse piNngTenter Lane 477-6671 504 W. 24th St. Austin, Texas ATTORNEYS economist’s computers could agree upon the proper mix of spending, taxation, and monetary policy. He clearly sees that inflation is caused by a conflict between big business and everyone else over the distribution of society’s resources and that its cure involves the choice between wages and social welfare programs on the one hand, and profits, interest, and dividends on the other. Yet when it is time to recommend a definitive policy, Thurow draws a blank. Thus, 34 pages later, he concludes with the rather feeble lament that “each potential solution to the inflation problem lowers someone’s income by a large amount; each increases someone’s insecurity. It is only when we demand a solution with no costs that there are no solutions.” Here too, Thurow is correct but he would have been even more accurate had he added the caveat, “If we demand a solution that refuses to confront the issue of corporate power, then everyone except the powerful corporations will pay the cost.” The chapter on slow economic growth is equally frustrating. According to Thurow, “the problem is not in finding policies that would significantly accelerbut in adopting policies that would inevitably cause significant income reductions for someone. To increase investment, someone’s share of the national product must decline. Whose?” As in the inflation chapter, Thurow refuses to provide a definitive answer. He does recognize that the U.S. could follow the Japanese example and replace slow growing, low productivity industries with rapidly growing, high productivity activities. However, “planned disinvestment” is usually opposed by the stockholders, bondholders, and employees of the affected industry who band together to protect their vested interests. Their actions saddle the nation with obsolete industries that require government handouts and taxpayer subsidies to remain solvent. Thurow knows something must be done about this problem but he provides no guide for action. We could also increase our economic growth, according to Thurow, if we would agree to devote a larger portion of our GNP to investment in new plant and equipment. From a technical economic perspective, this objective can be accomplished if someone will consume less. Who will make the sacrifice? As Thurow reports, conservatives, using the rhetoric of supply side economics, have suggested that we shift the tax burden from the rich to the poor. Since the rich consume a smaller percentage of their income, this solution would generate the requisite savings. For example, to Overcome the high cost of down-time on your legal secretary. Let us type your motions, appeals, contracts, and other legal documents. We can type from your rough drafts or tapes. Our work is flawless, professional, fast, and economical. Foreign language typing available.
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