Reading Comprehension (RC) | Re: In all industrial countries, the seventies were a time of slowdown

[align=justify][box_out][box_in] In all industrial countries, the seventies were a time of slowdown in real economic growth. In some countries, people resisted the decline in real income growth and tried to maintain their accustomed growth in living standards by demanding higher wages and salaries. In other countries, where there was a higher degree of ‘social consensus’, it was recognized that such a wage-price spiral would be damaging to the society as a whole, and people accepted the lower real income growth without demanding a pushing up of wages and prices. In testing this hypothesis, researchers examined the experience of eighteen industrial countries in the seventies. It was seen that the differences in the inflation performances of these countries were well-explained by the indicator representing the degrees of social consciousness.

Two rationales are advanced for the role of social consensus. The first is based on conflict over the distribution of a known loss in aggregate real income, while the second
...

Statistics : Posted by Ridss • on 05 Aug 2017, 22:09 • Replies 9 • Views 10395

---