Nixon finance policy backed by New York
Nixon adviser Paul W. McCracken defended current anti inflation measures while warning they may cause brief economic slack. He urged patience to allow restraint to cool the economy and reduce money demand growth, noting risks if inflation momentum pushes price costs higher.
MENTIONED IN THIS ARTICLE
New York
Nixon
McCracken warns on inflation and growth prospects
McCracken told the American Statistical Association that business plans tied to real growth expect output 50 percent higher a decade ahead. He cautioned against assuming continued inflation and urged faith in the pricing system over direct government controls.
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McCracken
American Statistical Association
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