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The repetition of this cycle has not found management blameless. Too often in the booming forties and fifties big business put up only token resistance to unrealistic demands of labor. Then labor would cry and government would lament the ill effects on the country, and management would gratiously give in, hastily tacking increased costs on the price list. Anything to get back into production when prices were nothing to a buy happy public.
Federal Reserve , can raise the discount rate. Prime interest rates can rise. Money can get tighter and tighter. But inflation will continue to spread until increased productivity bears a realistic ratio to increase in wages. , Meanwhile, we have very nearly priced ourselves out of a market in world-wide competition, n _ T
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