{"@context":"http://iiif.io/api/presentation/3/context.json","id":"https://iastate.aviaryplatform.com/iiif/319s17t816/manifest","type":"Manifest","label":{"en":["Tobin, James, Must We Live With Stagflation?"]},"logo":"https://d9jk7wjtjpu5g.cloudfront.net/organizations/logo_images/000/000/004/original/ISULogo.png?1601681107","metadata":[{"label":{"en":["Preferred Citation"]},"value":{"en":["Must We Live With Stagflation? Iowa State University Lecture Series (RS 8/6/53). Special Collections and University Archives, Iowa State University Library, Ames, Iowa."]}},{"label":{"en":["Publisher"]},"value":{"en":["Iowa State University. Special Collections and University Archives"]}},{"label":{"en":["Rights Statement"]},"value":{"en":["There are no restrictions on access. (access)","This item is protected by copyright and/or related rights. You are free to use this item in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s)."]}},{"label":{"en":["Agent"]},"value":{"en":["Tobin, James, 1918-2002 (speaker)"]}},{"label":{"en":["Date"]},"value":{"en":["1979-01-31"]}},{"label":{"en":["Language"]},"value":{"en":["English (primary)"]}},{"label":{"en":["Description"]},"value":{"en":["Must We Live With Stagflation? is a January 31, 1979 event in the Iowa State University Lecture Series featuring James Tobin. James Tobin discusses inflation and economic growth.","This item was captioned by Rev.com in conformance with WCAG 2.1 AA accessibility guidelines. (accessibility)"]}},{"label":{"en":["Format"]},"value":{"en":["1/4 inch audio tape"]}},{"label":{"en":["Identifier"]},"value":{"en":["RS008-006-053 (call number)","AV168051 (UID)"]}},{"label":{"en":["Relation"]},"value":{"en":["Committee on Lectures records (RS 8/6/53) (physical collection)","Iowa State Lectures Series (digital collection)"]}},{"label":{"en":["Subject"]},"value":{"en":["Economic policy","Stagnation (Economics)","Economic development","Inflation (Finance)"]}},{"label":{"en":["Type"]},"value":{"en":["lectures","Sound"]}},{"label":{"en":["Local Identifier"]},"value":{"en":["Lectures_AV168051"]}},{"label":{"en":["Ark"]},"value":{"en":["https://n2t.net/ark:/87292/w9s17sz0h"]}}],"summary":{"en":["Must We Live With Stagflation? is a January 31, 1979 event in the Iowa State University Lecture Series featuring James Tobin. James Tobin discusses inflation and economic growth.","This item was captioned by Rev.com in conformance with WCAG 2.1 AA accessibility guidelines."]},"requiredStatement":{"label":{"en":["Attribution"]},"value":{"en":["There are no restrictions on access.","This item is protected by copyright and/or related rights. You are free to use this item in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s)."]}},"provider":[{"id":"https://iastate.aviaryplatform.com/aboutus","type":"Agent","label":{"en":["Iowa State University"]},"homepage":[{"id":"https://iastate.aviaryplatform.com/","type":"Text","label":{"en":["Iowa State University"]},"format":"text/html"}],"logo":[{"id":"https://d9jk7wjtjpu5g.cloudfront.net/organizations/logo_images/000/000/004/original/ISULogo.png?1601681107","type":"Image"}]}],"thumbnail":[{"id":"https://d9jk7wjtjpu5g.cloudfront.net/collection_resource_files/thumbnails/000/116/781/small/lecture.png?1622850111","type":"Image","format":"image/png"}],"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781","type":"Canvas","label":{"en":["Media File 1 of 1 - AV168051_a.mp3"]},"duration":3956.688,"width":640,"height":40,"thumbnail":[{"id":"https://d9jk7wjtjpu5g.cloudfront.net/collection_resource_files/thumbnails/000/116/781/small/lecture.png?1622850111","type":"Image","format":"image/png"}],"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/content/1","type":"AnnotationPage","items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/content/1/annotation/1","type":"Annotation","motivation":"painting","body":{"id":"https://aviary-p-iastate.s3.wasabisys.com/collection_resource_files/resource_files/000/116/781/original/AV168051_a.mp3?1622850111","type":"Audio","format":"audio/mpeg","duration":3956.688,"width":640,"height":40},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781","metadata":[]}]}],"annotations":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981","type":"AnnotationPage","label":{"en":["AV168051_a.vtt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/1","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Can everyone hear me?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=7.24,8.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/2","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think this is on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=8.16,9.363"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/3","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's not.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=10.55,11.393"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/4","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm not an electrician either.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=14.661,16.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/5","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There we go.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=16.73,17.563"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/6","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"First off.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=18.87,19.703"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/7","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'd like to say good evening, everyone.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=19.703,20.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/8","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I'm glad that everybody made it out in the weather","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=20.89,24.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/9","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as cold as it's been lately.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=24.15,25.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/10","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's surprising you go out anyplace.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=25.33,27.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/11","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And as everybody knows,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=27.76,29.443"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/12","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this last week's talks have been sponsored","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=30.741,34.023"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/13","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the Institute on National Affairs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=34.94,37.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/14","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And what that is it's a student organization,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=37.17,41.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/15","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"student and faculty organization, funded by GSP","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=41.07,44.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/16","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and our topic this week has been","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=44.38,46.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/17","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the American economic system.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=46.84,48.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/18","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Is it obsolete?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=48.4,50.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/19","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we have a few changes from our brochure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=50.28,54.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/20","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that you might want to take a look at.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=54.28,56.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/21","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the Thursday night speaker","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=56.1,59.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/22","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or the speaker for tomorrow night is Dr. Ball","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=59.45,62.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/23","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and he's from Syracuse.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=62.75,64.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/24","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He'll be speaking on urban revitalization","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=64.18,67.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/25","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but Ganz could not make it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=67.23,72.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/26","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'd like to draw that to your attention.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=75.45,77.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/27","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'd also like to remind you that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=79.04,80.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/28","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you have any further questions for Lester throw,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=80.92,84.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/29","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or for professor Tobin, the dimension five tonight","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=84.41,89.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/30","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at 10 o'clock would be a good thing to listen to.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=89.14,94.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/31","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Is it 11?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=94.898,96.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/32","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Okay, thank you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=96.76,98.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/33","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because I'm getting my speeches mixed up too.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=98.91,101.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/34","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Our speaker tonight is.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=102.98,105.293"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/35","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Our speaker.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=107.66,109.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/36","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Get started here, right?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=109.22,110.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/37","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Our speaker tonight is James Tobin","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=110.67,113.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/38","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and he's comes from Yale University.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=113.37,118.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/39","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He's been there since 1950","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=118.81,121.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/40","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and he's been a Sterling professor since 1957.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=121.3,124.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/41","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He's taken part","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=124.83,125.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/42","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in an awful lot of economics, economic organizations","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=125.95,129.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/43","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"such as the American Economic Association,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=129.96,133.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/44","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the Eastern Economic Association.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=133.43,135.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/45","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He's also been on the Council for Economic Advisors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=135.47,139.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/46","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"during the Kennedy administration from 1961 to 62.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=139.88,144.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/47","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He's written several books amongst which have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=145.08,149.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/48","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"been the \"National Economic Policies Essays on Economics\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=149.23,154.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/49","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and also \"The New Economics a Decade Older.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=154.8,159.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/50","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He's published several works in various academic journals","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=162.11,166.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/51","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and his topic tonight will be must we live with stagflation?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=166.73,170.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/52","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm very proud to introduce","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=170.73,172.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/53","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to you tonight, professor James Tobin.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=172.41,174.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/54","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(applause)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=175.605,177.855"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/55","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Thank you, Mary.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=186.387,188.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/56","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Is this actually on?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=188.46,190.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/57","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you can hear me in the back","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=190.65,192.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/58","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"raise your hand.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=192.3,193.797"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/59","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Ah.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=193.797,195.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/60","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Sometimes speakers ask you sitting","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=195.33,197.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/61","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the back to raise your hand if you can't hear them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=197.83,200.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/62","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience laughing)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=200.78,202.128"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/63","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It strikes me as a not very efficient request.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=202.128,206.473"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/64","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, I want to talk a bit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=207.58,212.337"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/65","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about inflation and stagflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=214.74,218.393"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/66","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how we got into it, and whether we can get out of it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=220.46,224.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/67","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=224.17,225.053"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/68","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I do think that there's an awful lot","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=227.46,230.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/69","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of economic hypochondria around the country these days.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=230.01,234.283"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/70","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Most people seem to think that the economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=236.2,238.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/71","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is in a terrible mess and everything is going to hell,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=238.96,243.523"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/72","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but actually the conditioned to the American economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=244.41,249.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/73","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and its recent performance and its outlook,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=249.437,253.413"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/74","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"although they're not ideal to be sure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=254.29,256.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/75","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"scarcely justify the degree of despair","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=256.99,260.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/76","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and poor mouthing that is prevalent in the country.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=260.43,264.203"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/77","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm not easy to please on matters such as this","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=266.56,269.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/78","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I would like to point out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=269.8,272.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/79","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a few facts that may have escaped you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=273.469,276.733"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/80","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One is that we have enjoyed now almost four years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=278.88,283.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/81","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of fairly steady recovery from the severe recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=284.89,289.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/82","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of 1974, 1975, which is the sharpest setback","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=289.68,294.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/83","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in economic activity that the country's experienced","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=294.51,298.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/84","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"since the Great Depression.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=298.67,300.863"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/85","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And secondly, our gross national product","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=302.62,307.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/86","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the volume of a national output corrected for inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=307.49,312.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/87","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So just measuring its physical volume was about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=313.48,318.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/88","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"15% larger last year than it was in 1975.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=318.78,323.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/89","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When the recovery began and 12% larger","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=324.65,328.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/90","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than in the year of prosperity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=328.48,331.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/91","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"before the recession of 1973.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=331.54,336.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/92","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thirdly, about 10 million more people are at work","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=336.0,339.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/93","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than either of those years, 1973 or 1975.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=339.65,344.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/94","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the unemployment rate has been reduced from 9%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=345.26,349.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/95","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the trough of the recession in early 1975 to 6% now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=349.25,354.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/96","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's still a point higher than it was 1973.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=354.823,358.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/97","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And thus in my opinion is still too high.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=358.94,361.713"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/98","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Moreover, most of these new jobs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=363.64,367.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/99","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were our private sector jobs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=367.04,370.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/100","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the 10 million, seven million were created","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=374.161,376.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/101","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the private sector since the recovery began.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=376.72,381.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/102","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Fourthly, after tax disposable income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=385.22,387.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/103","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"corrected for inflation is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=387.81,390.058"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/104","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"10% higher per capita than it was in 1973","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=390.058,395.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/105","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"before the recession.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=395.0,396.323"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/106","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that was the year of prosperity.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=398.47,400.343"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/107","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Fifthly, corporate profits after taxes have been","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=401.35,404.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/108","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"rising smartly, especially in recent months.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=404.96,408.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/109","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they now stand","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=408.23,409.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/110","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in real terms, 20% above the prosperous year, 1973.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=409.38,413.953"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/111","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And business investment has shown some signs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=417.47,420.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/112","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at long last to responding to the improvement in profits.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=420.34,424.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/113","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Oh, the outlook for business investment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=424.46,426.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/114","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the coming year is not as favorable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=426.58,429.543"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/115","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And six, even though there are a disturbing possibilities","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=431.47,434.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/116","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of another recession beginning in 1979 or 1980","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=434.91,439.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/117","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there are also good reasons to expect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=440.118,443.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/118","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that 1979 would be a pretty good year","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=443.07,445.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/119","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of continued recovery and growth of output.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=445.46,449.473"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/120","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, the real economy is doing so well","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=450.39,454.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/121","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the policy makers in Washington are a bit embarrassed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=454.92,458.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/122","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by it because they are wishing for some slow down","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=458.84,463.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/123","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if not for a real recession.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=464.86,467.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/124","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now in this recital, I concentrate on real indicators","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=468.76,473.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/125","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have to do with production and consumption of goods","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=474.6,477.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/126","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and services and that's what the economy is all about.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=477.24,482.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/127","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But those indicators don't make the daily headlines.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=482.13,486.063"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/128","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The headlines are usually feeding the national hypochondria","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=487.12,492.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/129","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by being obsessed with monthly reports","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=492.38,494.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/130","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on price inflation or the before November 1st at any rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=494.59,499.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/131","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the latest daily defeat","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=500.06,502.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/132","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the dollar in the international currency Olympics.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=502.71,505.833"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/133","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I would observe that it takes an affluent society","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=508.41,513.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/134","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like ours with a majority who are hardened or oblivious","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=514.84,519.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/135","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to such really economic stress that there is within it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=519.45,524.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/136","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and outside it to regard inflation as the number one","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=524.02,529.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/137","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"economic problem of the society.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=529.333,532.523"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/138","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Most people on earth are too poor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=533.38,536.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/139","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and their economies are too backward to afford that luxury,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=536.04,540.867"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/140","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and if they have inflation as most of them do","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=540.867,543.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/141","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they take chronic inflation for granted","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=543.15,546.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/142","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and our own society faces","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=546.53,548.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/143","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some very difficult problems and adjustments.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=548.39,551.853"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/144","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Cities, or some of our cities,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=552.73,556.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/145","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are still pathological and sociological economic terms.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=556.24,561.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/146","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have the continuing problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=564.34,566.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/147","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the transition from fossil fuels","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=566.38,569.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/148","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to other sources of energy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=569.9,572.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/149","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You notice that which was a.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=572.43,575.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/150","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He noted Carter's States of the Union Address","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=575.31,580.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/151","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"previous to this year, hardly got mentioned this year","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=582.04,585.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/152","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in his preoccupation with inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=585.07,587.773"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/153","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have still the problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=588.83,590.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/154","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of preservation of our natural environment and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=590.45,594.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/155","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, inflation is not a pleasant condition","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=594.67,598.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/156","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or pleasant malady, but there are worse social diseases.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=598.27,603.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/157","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And indeed some of them include the cures","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=603.2,607.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/158","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least some of the cures offered for inflation itself.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=608.53,611.623"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/159","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now I guess everybody's seen cartoons that depict","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=613.76,618.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/160","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the monstrous dragon of inflation devouring","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=618.93,623.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/161","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the nation's means of subsistence.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=624.12,626.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/162","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if you haven't seen such cartoons, you can hear them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=626.78,630.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/163","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in stump speeches, political messages,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=630.07,634.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/164","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or read them in editorials.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=634.76,637.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/165","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In a memorable comment, at least memorable to me,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=639.26,643.373"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/166","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"President Ford once said that \"After all, only 8%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=644.52,649.167"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/167","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"of the people lose from unemployment.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=649.167,651.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/168","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's what the unemployment rate was at the time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=651.56,654.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/169","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"While everybody loses from inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=654.61,656.793"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/170","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And well don't we all lose when we all have to pay","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=659.15,662.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/171","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"higher and higher prices for everything we buy?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=662.82,665.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/172","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The negative answer to that question is as obvious","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=665.9,669.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/173","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as it is commonly neglected.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=669.35,671.283"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/174","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So never forget that one man's price is another's income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=672.45,677.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/175","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the price that outrages the buyer","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=679.93,683.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/176","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"can be usually thought of as the seller's just income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=683.12,687.333"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/177","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Urban consumers like me and Lester Thoreau over here","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=689.06,693.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/178","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"don't like rising food prices,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=696.2,699.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/179","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but someone receives those dollars.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=699.04,701.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/180","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Processors middlemen, grocery clerks,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=701.64,704.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/181","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I've led to believe farmers in Iowa.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=704.37,706.983"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/182","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And workers whose productivity has increased 2% per year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=710.04,713.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/183","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think they have earned the 10% wage increases they get","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=717.038,720.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/184","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then they blame something called inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=720.41,724.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/185","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When they find that the appliances they were","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=724.3,727.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/186","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"making costs 8% more to buy in the department stores.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=727.55,732.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/187","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What really matters","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=734.79,736.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/188","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to economic welfare is not how much a dollar will buy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=736.0,741.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/189","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but how much an hour of labor will buy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=741.16,743.203"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/190","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When people tell you how much many more dollars it costs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=746.21,749.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/191","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to buy something now compared to 1950 or 1960 or 1970,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=749.01,754.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/192","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then you might also ask how many more dollars","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=758.07,761.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/193","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"does the normal guy get for an hour of work?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=762.43,765.763"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/194","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So what makes people lose is when the prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=768.1,773.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/195","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of what they want to buy rise relative","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=773.41,778.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/196","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the prices of what they have to sell.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=778.23,780.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/197","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Not when both sets prices move in step","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=780.98,783.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/198","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"up or down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=783.85,784.763"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/199","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now relative prices are the things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=787.07,789.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/200","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that cause changes in welfare and changes in fortunes,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=789.53,794.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/201","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they're always moving around","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=795.94,798.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/202","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they are moving in unexpected ways to the good fortune","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=799.69,804.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/203","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of some of us and the misfortune of others.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=804.12,806.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/204","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That happens when there's general inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=808.73,811.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/205","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it happens at other times too","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=811.982,813.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/206","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when there's deflation or when prices are stable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=813.55,816.573"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/207","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Stability of the general price level,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=818.3,820.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/208","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"zero inflation, doesn't mean that nobody is losing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=820.94,824.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/209","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and nobody else is gaining because that stability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=824.94,828.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/210","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"always conceals a considerable fluctuation flux","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=828.51,833.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/211","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in relative prices of some kinds of labor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=833.52,838.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/212","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and other kinds of labor of food and industrial products,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=839.147,844.147"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/213","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=844.32,845.153"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/214","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You have another example close","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=850.91,852.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/215","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to my own profession of teaching.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=852.15,853.993"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/216","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We know that demographic and political changes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=856.23,861.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/217","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by which I mean the declining birth rates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=861.4,864.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/218","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the attitudes of citizens in legislatures","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=864.62,869.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/219","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and private donors about education have produced a situation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=870.95,875.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/220","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of excess supply in the teaching occupation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=876.74,881.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/221","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least in the college teaching, I guess generally.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=882.7,885.433"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/222","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And as a result of that, I expect salaries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=886.37,890.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/223","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in our profession lagging behind the cost of living","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=890.15,893.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/224","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and my colleagues who are not in economics","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=894.21,897.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/225","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"tell me they see what inflation is doing to us.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=897.13,899.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/226","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I suspect that it's more basic","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=899.96,903.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/227","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that for real good causes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=903.66,908.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/228","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the relative prices of college teachers would be falling","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=909.808,913.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/229","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at this particular time of the century.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=913.94,917.923"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/230","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Or consider oil and gas prices.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=921.53,923.903"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/231","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The OPEC hurt us as a nation because we have to work","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=925.36,930.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/232","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"three or four times as hard to import a barrel of oil.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=930.6,933.693"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/233","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It happened that the blow came in inflationary times","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=935.41,939.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/234","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in '73 and '74 and contributed itself mightily","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=939.18,944.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/235","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the scary double digit inflation of 1973, '75.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=944.11,948.593"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/236","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And ever since then","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=949.91,951.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/237","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I guess you've been hearing about how inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=951.22,955.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/238","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"including the inflation of energy prices is hurting people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=956.49,960.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/239","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the true pain was due to an adverse shift","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=962.1,967.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/240","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in what economists refer to as our terms of trade,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=967.01,971.253"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/241","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the amount of products and labor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=972.96,974.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/242","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of United States that we have to give","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=974.84,977.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/243","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in order to get a barrel of oil from Saudi Arabia.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=977.85,980.703"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/244","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that would have been true","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=982.12,983.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/245","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whether it wasn't an inflationary times or not.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=983.89,988.157"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/246","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now it may happen that periods of substantial changes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=991.753,995.033"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/247","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in relative prices are also somewhat more inflationary","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=997.34,1002.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/248","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than other periods as the opaque example illustrates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1003.16,1008.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/249","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because when the price of oil went up by three","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1010.93,1015.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/250","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or four times that change in relative prices was made","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1015.98,1020.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/251","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by an increase in the prices of oil and oil products","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1025.07,1028.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/252","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the substitutes for petroleum as energy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1028.44,1032.063"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/253","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It wasn't made very much by at all","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1032.9,1036.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/254","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by a fall or a lag in other prices of other commodities.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1036.55,1041.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/255","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's sort of ratchet effect there that went","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1046.08,1048.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/256","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and have to be big changes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1048.53,1049.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/257","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in relative prices in our economic and social institutions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1049.77,1054.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/258","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a lot easier to make those changes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1054.68,1056.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/259","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by raising the prices that are rising relatively","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1056.57,1060.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/260","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than by lowering the ones in the rest of the economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1060.71,1065.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/261","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So you could say in a sense","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1068.56,1071.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/262","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that inflation was a by-product of the change","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1071.83,1076.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/263","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in relative prices that occurred, but it was the change","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1081.17,1084.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/264","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in relative prices and not the by-product of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1084.25,1087.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/265","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that was the real loss to the nation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1087.12,1089.733"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/266","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But what's happened is that the word inflation's","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1091.03,1093.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/267","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"become a substitute for analysis and thought","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1093.07,1097.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/268","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and sort of catch all explanation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1098.56,1100.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/269","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for all economic reverses and disappointments.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1100.77,1104.023"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/270","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When the pollsters go out and interview the population","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1105.73,1109.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/271","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they'd been telling him that inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1111.16,1113.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/272","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is problem number one in the country.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1113.23,1117.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/273","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that message was heard in Washington, for sure.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1117.26,1120.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/274","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so the President says it's problem number one also,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1120.84,1124.263"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/275","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the people are probably really voicing disappointment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1125.67,1130.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/276","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and anxiety about their standards of living","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1132.08,1134.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/277","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which are always their central economic concern.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1135.95,1139.773"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/278","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, when I first was asked to come here,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1145.32,1148.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/279","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"one of the questions that was addressed to me","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1153.69,1156.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/280","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for this talk was can we have prosperity without inflation?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1156.29,1161.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/281","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I guess that's really the same title","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1161.0,1163.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/282","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as Mary gave must we have stagflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1163.72,1166.483"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/283","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But as for the first question is a fact","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1167.67,1172.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/284","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that historically we have had periods","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1172.2,1174.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/285","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of prosperity without inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1174.64,1176.613"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/286","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Examples are the 1920s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1178.29,1180.543"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/287","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Although in Iowa, they might not have thought the 1920s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1183.27,1187.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/288","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were that prosperous because one of the sources of stability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1187.56,1190.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/289","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the overall price level was the fact that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1190.95,1194.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/290","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"before the days of triple A","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1194.62,1199.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/291","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and other government price support programs,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1199.14,1202.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/292","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"farm prices were declining not only relatively","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1202.39,1206.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/293","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but absolutely in the 1920s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1206.67,1209.105"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/294","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that helped make prices in general stable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1209.105,1212.263"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/295","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Another era of relatively stable prices in the 1950s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1213.69,1218.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/296","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Although there was an outbreak of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1221.43,1225.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/297","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that alarmed people quite a lot in the middle of 1950s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1225.64,1230.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/298","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when the inflation rate got up to 4%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1230.31,1232.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/299","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If we could settle for 4% tomorrow","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1234.14,1236.225"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/300","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think there would be rejoicing in the streets,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1236.225,1239.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/301","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"certainly in the White House.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1239.67,1241.523"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/302","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The stability of the 1950s in prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1244.54,1248.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/303","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or at least from our present perspective was purchased","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1248.73,1253.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/304","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at some cost in the form of three recessions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1254.42,1259.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/305","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which served to lower the rate of inflation, for example.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1261.17,1266.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/306","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Whoops.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1267.9,1269.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/307","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Lower the rate of inflation that had the 4%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1269.41,1272.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/308","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"rate of inflation that emerged in the middle 1950s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1272.94,1276.383"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/309","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we had another period of price stability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1281.43,1284.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/310","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the early 1960s from 1961 to 1965","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1284.64,1288.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/311","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when the inflation rate was one and a half percent","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1288.13,1291.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/312","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or something like that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1291.19,1292.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/313","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A period of expansion during which gen employment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1292.57,1296.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/314","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was reduced from 7% the beginning of the period","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1296.05,1300.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/315","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to 4% in 1965 without any appreciable acceleration","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1300.29,1305.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/316","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of inflation or noticeable acceleration of inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1306.86,1309.863"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/317","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So we have had within living memory","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1314.45,1317.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/318","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least for some of us, the periods of prosperity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1317.47,1321.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/319","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"combined with relatively little inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1321.32,1324.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/320","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it is more difficult to find periods","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1326.541,1328.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/321","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of prosperity that accompany deflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1328.11,1332.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/322","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, most of the periods that would be identified","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1332.05,1334.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/323","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in American history as times of trouble economically","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1334.63,1338.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/324","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are periods when prices in general are declining.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1338.8,1342.573"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/325","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Since the Great Depression of the 1930s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1347.067,1349.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/326","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"since recovery began in the Roosevelt administration in '33,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1349.86,1354.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/327","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and certainly since the Second World War,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1355.36,1358.913"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/328","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have not had any periods of deflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1360.04,1363.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/329","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It has been, I think","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1363.01,1365.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/330","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the exception of one year steady increases in prices.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1365.19,1370.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/331","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It seems to have been a change in the fact","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1378.187,1379.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/332","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that before the Second World War","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1379.95,1384.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/333","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"before the Great Depression,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1386.444,1387.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/334","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we had much more wider and rapid oscillations of prices.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1387.89,1392.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/335","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Times and prices rose 13, 15% for a year or two","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1399.66,1403.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/336","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then went down precipitously the next year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1403.93,1407.403"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/337","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we haven't had that in recent history.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1408.95,1413.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/338","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A striking fact is that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1417.368,1419.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/339","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"since Second World War in this country as in others,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1419.05,1424.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/340","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"prices and wages seem to be less flexible","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1424.98,1429.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/341","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"going down than they were in the past","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1429.22,1432.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/342","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and less flexible going down, than they are going up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1432.47,1436.623"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/343","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so we have a sort of ratchet effect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1437.73,1440.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/344","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which produces a general trend upward.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1442.21,1444.913"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/345","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we've noticed now in the 1970s that recessions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1449.33,1454.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/346","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we had two, one in 1970 '71, one in 1974, 1975,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1455.9,1460.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/347","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"both of them could be said","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1461.93,1464.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/348","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to have been deliberate recessions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1464.03,1466.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/349","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"deliberate acts of policy by the federal government","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1466.15,1470.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/350","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the interest of reducing rate of inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1470.39,1473.083"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/351","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And neither of them was as effective in doing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1474.84,1478.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/352","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that as architects hoped they would be,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1478.61,1482.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/353","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or as effective as the recessions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1482.44,1484.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/354","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the 1950s appeared to be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1484.67,1487.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/355","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in accomplishing the same task.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1487.05,1490.543"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/356","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We may be about to have a third 1970s recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1492.33,1496.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/357","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that will be for the same purpose.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1496.93,1500.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/358","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'll come back to that later.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1500.09,1503.403"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/359","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, intrinsically there's no,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1506.27,1508.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/360","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least there seem to be no reason why","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1508.74,1512.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/361","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we can't get the same real results","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1512.67,1515.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/362","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the same volumes of production climate, same economic growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1515.17,1520.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/363","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in real terms with zero inflation or 2% inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1521.99,1526.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/364","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or 10% inflation as we do with six or 7% inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1529.265,1533.213"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/365","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because real outcome is basically depend","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1534.53,1537.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/366","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on those relative prices I was talking about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1537.69,1540.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/367","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and not on absolute prices.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1540.41,1542.653"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/368","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"For example, in the early 1960s, we had a pattern","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1544.43,1548.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/369","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the economy in which money wage rates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1548.86,1551.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/370","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were increasing around three or 4% per year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1551.74,1554.823"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/371","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and prices were increasing around one to 2% per year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1556.24,1560.653"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/372","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The difference between those two","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1562.36,1563.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/373","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was the rate of growth of labor productivity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1563.9,1566.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/374","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which makes a 3% wage increase compatible","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1566.76,1571.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/375","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with a 1% price increase","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1572.44,1574.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/376","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the labor costs were only rising 1%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1574.41,1577.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/377","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when productivity is increasing 2%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1577.59,1580.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/378","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and interest rates were accordingly around three to 5%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1582.31,1587.303"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/379","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In the 1970s, we have much the same pattern","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1588.401,1591.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/380","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"only everything's stepped up by about five points.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1591.94,1594.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/381","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now wages rising eight to 9%,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1594.99,1598.163"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/382","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"prices rising six to 7%, interest rates eight to 10%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1599.197,1603.973"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/383","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So why do we have a worse inflation now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1610.8,1615.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/384","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than we had in the 1970s?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1618.29,1620.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/385","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Or why do we have inflation at all?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1620.45,1622.413"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/386","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I have two propositions I'd like to emphasize.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1624.9,1629.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/387","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One is that not every episode","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1633.6,1635.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/388","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of inflation has the same causes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1635.75,1638.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/389","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are a number of different sources.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1638.27,1640.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/390","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And second is that there is no simplistic","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1640.9,1644.297"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/391","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"single cause theory of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1649.02,1652.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/392","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will really do, a remedy is not always the same,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1652.0,1656.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/393","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and remedy may not be simple.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1656.18,1658.463"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/394","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A little history on the American inflation after 1965.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1661.81,1666.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/395","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In the late 1960s, the dominant economic event","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1672.17,1677.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/396","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was the escalation of the war in Vietnam.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1678.85,1681.833"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/397","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that escalation was a disaster","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1683.47,1686.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/398","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the country in many dimensions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1686.92,1689.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/399","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And one of those dimensions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1689.29,1690.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/400","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was surely not the most important","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1690.69,1694.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/401","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but one of the dimensions was the decision","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1694.07,1697.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/402","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the President in 1966 is how to finance the war.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1697.72,1701.373"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/403","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And he chose not to ask for additional taxes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1703.56,1707.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/404","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the Congress for financing the increase","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1707.46,1712.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/405","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in military expenditures for the Vietnam war.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1712.5,1715.543"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/406","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The economy was already at a 4% unemployment,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1716.4,1720.973"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/407","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"something that was regarded then as a full employment.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1721.98,1726.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/408","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the additional demands of the government","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1728.52,1731.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/409","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for resources for Vietnam, soldiers and material","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1731.91,1736.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/410","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were piled in on top of an economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1736.6,1739.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/411","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that was already going full blast.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1739.73,1742.033"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/412","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So we had a classic case of excess demand inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1745.37,1750.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/413","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You can contrast the actions of President Truman","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1751.01,1754.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/414","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in a similar situation with a Korean War,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1754.86,1757.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/415","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which was actually a much bigger deal in economic terms.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1757.97,1762.328"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/416","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In terms of the resources required for it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1762.328,1764.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/417","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"relative to national product.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1764.61,1766.283"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/418","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And President Truman asked for and got taxes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1767.4,1772.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/419","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that paid for the war entirely.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1773.13,1776.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/420","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there was very little inflation connected","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1776.9,1781.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/421","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the Korean War after the initial surge of speculation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1781.71,1786.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/422","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in 1950, which occurred really before the economic impact","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1786.15,1790.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/423","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of war procurement affected the economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1790.39,1793.303"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/424","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"During the late sixties","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1795.36,1797.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/425","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then during the Vietnam war, the inflation rate rose","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1797.93,1801.977"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/426","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from about 2% as it was in the early sixties to 5%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1804.17,1809.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/427","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well in 1970, '71, we had a policy induced recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1811.82,1816.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/428","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to try to do something about the inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1818.95,1821.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/429","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It succeeded in reducing rate of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1821.36,1823.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/430","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by about 1 point to 4%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1823.56,1826.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/431","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"After the President Nixon got frustrated by the failure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1828.252,1833.252"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/432","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of that policy to do more than that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1836.69,1839.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/433","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he turned to wage and price controls and that they also.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1839.62,1844.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/434","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I really should have included them in the factors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1848.32,1850.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/435","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that brought about the 1% reduction","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1850.5,1853.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/436","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the rate of inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1853.56,1854.853"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/437","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In '73 and '74, '73, we had returned to a prosperity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1858.66,1863.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/438","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and some like 5% unemployment, a prosperous economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1871.18,1875.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/439","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there was a kind of worldwide boom","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1875.96,1878.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/440","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"particularly in materials.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1879.35,1880.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/441","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there was a food price surge","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1880.98,1884.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/442","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for various reasons to the benefit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1885.28,1889.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/443","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of farm producers all over the world and this country.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1889.22,1893.773"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/444","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there was OPEC and all that together raised the rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1894.87,1899.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/445","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of inflation as I'm measuring it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1900.04,1903.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/446","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is not the cost of living index,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1903.14,1905.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/447","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the overall index connected","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1905.64,1908.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/448","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the national income accounts.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1908.25,1910.183"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/449","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Raise the rate of inflation to 9% for a period of time,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1911.43,1915.663"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/450","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"double digits at some particular moments of time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1916.88,1921.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/451","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by some particular indexes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1921.37,1923.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/452","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We lost three points of that inflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1930.41,1932.863"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/453","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"possibly some of that due to the recession of '74, '75,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1934.55,1938.793"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/454","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"most of it in my opinion, just due to the fact","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1939.8,1942.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/455","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that OPEC didn't quadruple the prices every year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1942.74,1945.803"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/456","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they did it once.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1946.74,1947.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/457","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that contributed to inflation when they did it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1947.89,1952.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/458","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and while it was being absorbed,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1952.23,1953.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/459","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but they didn't do it every year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1953.59,1954.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/460","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So you would expect that as far as the rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1954.84,1957.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/461","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of inflation is concerned, not the level of prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1957.27,1959.852"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/462","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that it wouldn't continue at the rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1959.852,1963.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/463","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the temporarily higher rate, and it didn't.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1963.36,1966.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/464","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The same is true of some other things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1966.76,1968.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/465","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like farm prices, which came down again.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1968.38,1970.783"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/466","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So we got back to a 6% rate of inflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1972.84,1976.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/467","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which was more or less constant","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1976.91,1978.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/468","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"during the period '75, '78.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1978.87,1982.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/469","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In '78 we had a surprise in that the rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1983.21,1988.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/470","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of inflation seemed to go up again maybe.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=1989.69,1992.173"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/471","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We don't know really how much of that is a one-shot events","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2000.92,2005.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/472","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and how much of it represents a permanent","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2005.35,2007.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/473","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"general improvement of the economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2031.28,2033.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/474","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and tightening of demand about three tenths of a point.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2033.26,2037.263"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/475","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I mean yeah, I mentioned some of the explanations","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2044.1,2048.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/476","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are given for inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2048.54,2051.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/477","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and many of them you've all heard in here every day.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2053.612,2057.783"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/478","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The first there's government finance budget deficits,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2059.04,2063.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/479","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in particular.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2063.05,2064.043"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/480","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There is no doubt that government deficit spending","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2067.75,2072.317"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/481","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has been responsible for inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2073.6,2075.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/482","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in many countries, many times in history.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2075.55,2078.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/483","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I gave you an example, just a few moments ago","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2078.77,2082.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/484","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of a case in this country where it was true,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2082.4,2086.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/485","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the financing of the Vietnam War.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2086.03,2088.183"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/486","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's a standard that's an example of a standard scenario","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2090.13,2093.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/487","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by which the government needing to get extra resources","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2093.84,2097.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/488","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for its own purposes out of the economy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2097.64,2100.323"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/489","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"afraid or unwilling to tax to get the resources,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2101.91,2105.633"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/490","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"obtains them by printing money or borrowing money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2107.59,2111.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/491","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and bidding for the resources against the the citizens","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2111.33,2116.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/492","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the expense of those citizens","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2119.12,2121.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/493","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who are the slowest to react or catch on","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2121.16,2125.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/494","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or who have incomes that are sticky or fixed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2125.85,2130.743"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/495","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But then the fact that that has happened","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2134.23,2136.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/496","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and could happen again doesn't mean","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2136.57,2139.896"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/497","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that large budgets or deficits are necessarily inflationary.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2139.896,2144.896"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/498","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Times when they're not, for example,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2147.76,2149.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/499","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is when the economy is a slack,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2149.48,2152.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/500","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when there are large amounts of excess capacity,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2152.64,2156.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/501","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"large reserves of labor in the economy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2156.35,2160.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/502","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that the injections of purchasing power","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2160.54,2164.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/503","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the government do not bid away resources","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2164.54,2168.927"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/504","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from private use,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2171.7,2173.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/505","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but actually cause additional employment and production.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2173.56,2178.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/506","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So there's enough capacity in the economy produce both","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2182.11,2185.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/507","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the government and for private sector.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2185.94,2189.033"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/508","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, recent example is that we ran","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2190.35,2194.276"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/509","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States budget, mammoth deficits in the period","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2194.276,2199.276"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/510","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the recession in 1975, '76.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2199.699,2204.699"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/511","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they did not increase the rate of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2206.18,2210.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/512","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which was indeed if anything, falling from its peaks in 1970","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2210.52,2215.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/513","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for, at the time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2216.98,2218.743"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/514","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The present time the President has committed himself","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2224.92,2229.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/515","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to a budget with a smaller deficit of $30 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2233.61,2237.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/516","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or $29 billion deficit for the fiscal year, 1980.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2237.63,2240.963"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/517","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And some current comment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2242.02,2245.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/518","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on that seems to me to be misguided.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2245.13,2249.927"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/519","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It has been pointed out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2252.35,2253.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/520","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that that deficit might be larger if there's a recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2253.54,2258.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/521","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and indeed it well will be larger if there's recession.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2258.29,2261.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/522","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That is if economic activity does not","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2261.77,2264.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/523","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"meet the President's predictions than profits, wages,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2264.32,2269.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/524","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and other incomes will not be as large as anticipated","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2269.39,2273.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/525","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the taxes which are based on them will not be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2273.5,2275.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/526","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as large as anticipated.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2275.93,2277.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/527","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Some transfer payments like unemployment insurance","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2277.64,2280.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/528","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will be on the other hand, greater than anticipated.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2280.44,2283.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/529","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the deficit will be larger.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2283.84,2285.753"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/530","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The fact that the deficit is larger","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2286.84,2288.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/531","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the economy is weak is definitely not inflationary.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2288.59,2291.873"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/532","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's that sign of a weakness of the economy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2293.327,2296.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/533","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not shortages of goods","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2296.9,2299.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/534","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and have the capacity to produce goods in the economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2299.55,2302.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/535","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Another common explanation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2306.54,2307.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/536","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of inflation is excessive creation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2307.96,2310.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/537","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of money by the central bank","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2310.76,2314.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/538","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or printing of money to meet governance bills.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2314.03,2317.313"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/539","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that it's somewhat overlaps","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2319.07,2321.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/540","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the budget deficit point.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2321.85,2324.533"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/541","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But it's also true that independent of the budget,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2326.33,2330.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/542","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whether it's in deficit or not, money can be created","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2330.24,2334.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/543","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the instance of the central bank, the federal reserve","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2334.25,2338.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/544","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and might be a source of excess demand","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2338.41,2340.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/545","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the economy that its interest rates might be set too low","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2340.57,2345.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/546","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and creates too much to expenditure on housing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2345.53,2347.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/547","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and on investment and have the same effect of over straining","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2347.92,2352.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/548","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or overheating the economy as government expenditure itself.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2355.04,2358.553"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/549","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, I suspect it's going to be very hard.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2359.96,2362.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/550","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is very hard for anybody to find examples of deliberate,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2362.77,2367.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/551","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"spontaneous, willful inflation by central banks.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2367.59,2371.803"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/552","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I know quite a few central bankers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2372.72,2374.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/553","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I've never found a single one of them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2374.7,2376.662"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/554","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who had a good word to say about inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2376.662,2379.773"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/555","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it's hard for me to believe in any of them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2381.5,2385.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/556","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would be willing sources of inflationary increases","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2385.1,2390.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/557","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in money supply while sometimes they make errors.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2393.74,2398.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/558","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They might've made one in '72.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2398.02,2400.113"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/559","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They might've made one in 1968","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2401.13,2403.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/560","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and miscalculating the strength of the economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2403.16,2406.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/561","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and providing easier money than the situation demanded.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2406.53,2410.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/562","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"On some occasions they made the opposite errors.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2410.91,2413.563"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/563","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But usually when the monetary authorities are creating money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2416.14,2420.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/564","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at a rate which is inflationary, what they're doing is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2420.44,2425.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/565","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"accommodating an ongoing inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2425.14,2428.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/566","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's already there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2428.36,2430.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/567","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the reason they do it, reluctantly is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2430.32,2435.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/568","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because as I shall explain in a minute, the consequences","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2435.1,2439.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/569","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of not doing so are very painful or could be very painful.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2439.19,2444.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/570","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now the third point I like to make about multiple forms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2450.714,2455.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/571","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and sources of inflation is can you refer again","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2455.45,2460.147"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/572","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the ratchet effect I was talking about earlier","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2463.31,2466.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/573","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and to what I would term the inflationary bias","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2466.53,2470.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/574","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of modern economies.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2470.38,2472.203"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/575","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Their results I think for the power of various sectors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2473.87,2476.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/576","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the economy to protect their real incomes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2476.96,2479.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/577","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"either politically or economically","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2480.56,2483.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/578","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and those could be unions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2483.0,2484.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/579","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"sometimes unorganized workers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2484.71,2487.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/580","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"protectionists who like the steel industry","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2487.48,2490.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/581","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who get the trigger price formula","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2490.27,2492.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/582","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when foreign imports are too competitive,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2492.98,2496.453"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/583","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"could be a farm organizations that have the power","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2501.06,2504.715"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/584","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to keep prices rising when demand","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2504.715,2508.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/585","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and crop supplies are favorable to them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2508.15,2511.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/586","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And to keep them from falling by government price support","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2511.67,2514.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/587","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and other crop restriction","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2514.64,2516.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/588","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and other acreage restrictions when the supply","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2516.25,2520.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/589","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"demand situation turns the other way.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2520.19,2522.293"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/590","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it could be oligopolies who are reluctant to","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2524.12,2527.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/591","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"reduce prices in recessionary periods","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2527.9,2530.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/592","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for fear that price wars will break out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2530.9,2534.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/593","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and destroy their tacit oligopolies stick agreements.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2534.06,2539.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/594","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have a very much insider syndrome","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2541.06,2543.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/595","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the setting of wages and prices.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2543.85,2547.283"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/596","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"People, unions, and other organizations worry much more","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2548.16,2552.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/597","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about the wellbeing of the beneficiaries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2552.71,2557.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/598","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who are already employed or are already in business","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2557.8,2561.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/599","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than they do about people who are not employed or outside.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2561.01,2566.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/600","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In regard to inflationary bias,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2571.722,2573.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/601","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"even at the time when I was a graduate student in economics","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2573.86,2577.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/602","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which was a long time ago","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2577.38,2578.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/603","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a common aphorism in the halls and a beer parlors and so on","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2580.36,2585.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/604","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was that there are three goals that are impossible","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2587.57,2592.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/605","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if being fulfilled simultaneously","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2596.36,2598.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/606","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in a democratic capitalist society","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2598.37,2600.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/607","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they are stability of prices that is absences inflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2600.98,2605.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/608","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"second, full employment is not having","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2609.01,2611.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/609","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"excessive unemployment rates,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2611.36,2613.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/610","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and third, avoiding price and wage controls","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2613.65,2618.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/611","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or other direct interventions into price and wage setting.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2618.09,2622.253"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/612","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those are, or another way to put it,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2623.92,2625.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/613","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there are three things you would like to avoid,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2625.84,2628.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/614","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"inflation unemployment, and controls,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2628.36,2630.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/615","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you can at most avoid two of them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2630.81,2633.443"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/616","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Sometimes we don't avoid any of them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2634.83,2637.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/617","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Sometimes we avoid only one, but their basic point theory is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2637.49,2642.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/618","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that there is an inflationary bias in the structure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2642.61,2645.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/619","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the institutions of democratic capitalist societies,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2645.72,2649.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/620","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that independently of government finance","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2649.82,2654.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/621","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or monetary policy is going to be a source of inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2655.36,2658.783"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/622","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I go back to the plans making before","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2659.71,2662.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/623","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that often the only way that relative price changes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2662.68,2665.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/624","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that need to occur in this society can occur","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2665.86,2668.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/625","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is by having some upward trend in the price level.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2668.91,2673.583"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/626","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the main reason I think that we've had inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2678.29,2680.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/627","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States in recent years is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2680.71,2682.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/628","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we had it before.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2682.63,2683.913"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/629","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's a very stubborn and persistent entrenched trend.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2686.121,2690.173"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/630","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it feeds on itself more or less independently","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2691.02,2696.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/631","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the economic circumstances of the day.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2697.79,2701.143"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/632","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And pattern is self-consistent in the sense","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2702.9,2705.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/633","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that wages rise, let's say eight or 9%,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2705.5,2709.693"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/634","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"after productivity gains are taken into account","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2710.69,2714.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/635","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's consistent with price increases","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2714.86,2717.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/636","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of six or 7%, let's say.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2717.16,2719.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/637","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And those indeed go into the cost of living index","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2719.96,2723.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/638","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and together with the fact that other people's wages","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2723.93,2728.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/639","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have been increasing at that rate,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2728.44,2730.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/640","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they perpetuated another round of wage increases","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2730.54,2735.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/641","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the same rate, a lot of leapfrogging emulation involved.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2735.55,2740.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/642","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"People look over their shoulders","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2741.74,2743.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/643","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and see what the other union got.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2743.2,2746.783"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/644","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Auto workers are going to look back","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2748.61,2749.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/645","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and see what the Teamsters got, what the steelworkers got","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2749.99,2753.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/646","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and so on and it's repetitive as well","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2753.0,2756.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/647","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as what they themselves got last time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2756.93,2759.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/648","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this kind of repetitive pattern","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2759.34,2761.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/649","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that has a lot of momentum.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2761.86,2765.503"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/650","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The employers, on the other hand, you figure,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2767.17,2770.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/651","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"well this is the pattern I paid a pattern.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2770.52,2772.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/652","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm a good employer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2772.73,2774.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/653","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Other people are paying it too.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2774.22,2776.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/654","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I won't be disadvantaged relative to my competition","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2776.75,2779.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/655","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if I pay the going wage increase","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2779.74,2783.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/656","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and neither will I be showing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2784.98,2786.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/657","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that I'm being a cutthroat competitor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2786.39,2791.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/658","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if I go with the standard price increase.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2791.1,2794.293"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/659","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Some people refer to all this","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2798.49,2800.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/660","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as not as catching up in as emulation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2800.13,2804.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/661","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but in terms of expectations, I don't really","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2804.73,2807.367"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/662","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"see how you can tell much the difference between them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2807.367,2810.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/663","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They certainly connected and sort of part","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2810.73,2813.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/664","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the reason that you get wage rounds, the way we have is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2813.26,2817.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/665","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that people want to catch up with the wage increases.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2817.12,2820.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/666","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Other guys who've got cost of living increases","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2820.94,2823.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/667","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that have occurred.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2823.63,2824.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/668","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And also with the cost of living increases","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2824.85,2826.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/669","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they expect to have happen in the next year or so.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2826.99,2830.923"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/670","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, let me emphasize that there's nothing intrinsic","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2835.07,2837.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/671","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the structure of the United States economy right now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2837.24,2842.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/672","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that dictates that we should have rates of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2843.29,2845.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/673","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of seven or 8% or 10%, 6%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2845.97,2850.373"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/674","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If I described to some economist or observer who had been","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2852.07,2857.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/675","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like ripping poor asleep for 30 years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2857.385,2861.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/676","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or just returned from a space voyage.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2861.7,2866.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/677","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If I describe the economy in real terms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2867.56,2871.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/678","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how much unemployment there was,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2871.15,2872.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/679","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how much excess capacity there was,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2872.63,2874.473"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/680","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what the production rate was, et cetera,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2875.47,2878.713"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/681","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and asked that person tell me what you think","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2879.94,2882.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/682","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the rate of inflation is in this economy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2882.71,2885.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/683","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he wouldn't be able to tell.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2885.09,2886.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/684","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It wouldn't look that different really","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2890.54,2892.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/685","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the 1961, '65 period when the rate of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2892.11,2896.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/686","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as I already related with five points lower than it is now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2896.97,2901.533"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/687","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so the reason that we have the rate of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2902.72,2907.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/688","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have now is basically historical.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2909.09,2912.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/689","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have had it and it's got itself entrenched.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2912.34,2916.343"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/690","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's some people said","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2918.029,2918.862"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/691","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's like everybody standing up at a football game.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2918.862,2923.862"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/692","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They can't see any better","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2924.3,2925.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/693","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than if they were all sitting down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2925.69,2927.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/694","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Nobody wants to be the first one to sit down","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2932.21,2935.122"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/695","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because then he won't be able to see","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2935.122,2937.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/696","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and nobody wants to be the first one to","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2938.36,2940.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/697","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"move the inflation rate down for the same reason.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2941.32,2944.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/698","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Can't be sure the other guys are going to sit down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2944.38,2946.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/699","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's sort of an impasse.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2952.21,2954.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/700","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The classical remedy for inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2954.53,2956.763"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/701","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's based on the assumption that inflation is always","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2959.07,2961.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/702","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the first two types that I mentioned.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2961.69,2964.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/703","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Namely it says state of excess demand,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2964.16,2968.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/704","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"general excess demand created","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2968.4,2970.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/705","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by excessive government spending, deficit spending,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2970.27,2974.603"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/706","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or by excessive creation of money or both.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2975.85,2979.363"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/707","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then the classical remedy is very simple.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2980.85,2984.863"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/708","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that is get rid of the budget deficits.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2986.321,2990.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/709","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Stop printing the money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2990.13,2991.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/710","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But what are we doing here?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=2997.14,2999.573"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/711","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When we haven't had that kind of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3000.73,3003.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/712","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then that remedy doesn't work very fast.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3005.26,3009.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/713","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it also has a very large cost","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3009.51,3011.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/714","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in terms of unemployment and lost production.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3011.84,3016.433"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/715","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Basically, we tried to classical medicine in 1974, '75","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3018.49,3023.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/716","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that was the reason for the recession of those years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3023.62,3027.343"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/717","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And although the rate of inflation fell","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3028.73,3033.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/718","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the double digits at the time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3033.56,3036.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/719","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the OPEC price increase and so on,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3036.96,3040.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/720","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it didn't fall after that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3040.01,3042.703"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/721","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It stubbornly stayed around 6% throughout the period","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3043.78,3048.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/722","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of high unemployment and steady, but slow recovery.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3049.69,3054.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/723","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What can you estimate from that and other experience?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3063.96,3067.903"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/724","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That if we had let's say a one point higher rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3069.58,3074.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/725","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of unemployment than we have now, say 7%,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3077.67,3081.633"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/726","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"instead of 6% unemployment.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3082.77,3085.203"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/727","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It would take two years to, at least two years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3097.888,3102.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/728","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"maybe three or more,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3102.24,3103.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/729","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to reduce the rate of inflation by a point.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3103.93,3106.743"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/730","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So reduce it from where we are now down to three or zero","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3108.17,3111.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/731","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would take a decade.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3111.51,3112.743"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/732","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A long time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3114.04,3116.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/733","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Meanwhile, we lose the extra production that would be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3116.01,3120.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/734","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is associated with the one point difference in unemployment.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3120.58,3123.923"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/735","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's not a trivial amount, perhaps 2% of the GNP.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3125.13,3130.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/736","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It means about $40 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3131.71,3133.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/737","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for a point of unemployment a year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3133.89,3136.363"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/738","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And for a long time, that would mount up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3137.46,3142.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/739","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to a production investment consumption loss.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3142.58,3146.483"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/740","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that is basically why","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3151.08,3153.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/741","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the monetary authorities, the central bank,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3155.96,3159.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/742","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the federal reserve doesn't take the simplistic advice","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3159.63,3164.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/743","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so many people give it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3164.71,3166.083"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/744","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why don't you get rid of the inflation?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3166.94,3168.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/745","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We know you caused it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3168.41,3170.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/746","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's all government cost.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3170.48,3172.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/747","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's what everybody tells us.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3172.96,3174.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/748","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So why didn't the government do something about it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3174.6,3176.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/749","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Put its own house in order and stop inflating the economy?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3176.9,3180.283"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/750","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, if the central bank actually did that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3181.58,3184.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/751","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or if the government actually","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3184.75,3186.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/752","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by fiscal and monetary policy succeeded","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3186.58,3189.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/753","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in cutting the rate of spending, aggregate spending","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3190.01,3194.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/754","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on gross national product, on goods","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3194.38,3196.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/755","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and services and the country, let's say by five points.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3196.78,3200.303"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/756","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What I mean by that is let's suppose that in 1979","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3204.103,3207.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/757","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the rate of spending on GNP","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3212.17,3214.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/758","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on goods and services would be higher than in 1978 by 10%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3214.98,3219.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/759","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if we take something like the present economic report","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3228.6,3233.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/760","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"projection, that 10% growth in spending would be divided","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3233.26,3238.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/761","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"between a 3% growth in output and a 7% inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3239.392,3244.392"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/762","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Increase in prices, the three and the seven adding up to 10.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3246.27,3249.623"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/763","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And now I suppose the government","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3250.53,3252.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/764","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by combination of tighter fiscal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3253.51,3256.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/765","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and monetary policy was able to reduce the growth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3256.61,3259.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/766","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of dollar spending from 10% to 5%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3259.82,3262.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/767","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the dollar GNP would only grow by 5%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3265.51,3268.953"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/768","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the question is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3271.303,3272.303"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/769","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if we lived in the world that some people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3273.96,3276.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/770","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"seem to think we live in, that would mean","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3276.25,3279.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/771","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that inflation would be reduced","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3279.08,3281.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/772","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from 7% to 2%, and we still have 3% growth in output.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3281.44,3286.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/773","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That would be nice wouldn't it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3288.67,3290.454"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/774","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It'd be very simple.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3290.454,3291.287"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/775","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We still have the same growth in production consumption","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3291.287,3294.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/776","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and investment, and instead of having 7% inflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3294.61,3298.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/777","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we'd have a 2% inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3298.69,3300.443"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/778","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the government presumably knows how to do that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3302.09,3304.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/779","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they said federal reserve knows","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3304.24,3306.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/780","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how to put the brakes on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3306.29,3308.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/781","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if the President and the Congress were serious","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3308.08,3313.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/782","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about inflation, they could even do more","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3315.55,3318.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/783","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on their budget than they were already doing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3318.04,3320.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/784","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the fact is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3322.22,3324.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/785","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least the evidence of the fact is I think that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3324.36,3327.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/786","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if they reduce the rate of dollar spending from 10% to 5%,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3328.97,3332.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/787","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it wouldn't come out of the price increase.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3335.06,3337.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/788","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It would come out of the output increase.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3337.23,3339.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/789","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So instead of having 3% output increase,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3339.58,3342.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/790","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have a minus 2% output increase,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3342.85,3346.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/791","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and still have the 7% inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3346.26,3349.453"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/792","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's because of the stubbornness","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3351.32,3353.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/793","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the inflationary trend built in to the economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3353.05,3357.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/794","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least in the short run.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3359.28,3360.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/795","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now maybe you do it for a decade.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3360.81,3363.733"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/796","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Do it with 9% unemployment instead of 7% unemployment,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3367.56,3371.844"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/797","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can get it done faster if you do it that way.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3371.844,3373.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/798","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Maybe eventually going along with 5% instead","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3373.75,3378.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/799","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of 10% growth in money stock and in money spending on GNP","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3379.74,3384.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/800","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you get the rate of inflation down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3384.48,3386.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/801","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It would take a long time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3387.146,3389.066"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/802","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and a lot of unemployment and a lot of loss of outfit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3389.066,3393.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/803","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So it's not stupidity or perverseness","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3393.52,3397.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/804","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or even a complacency about inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3399.472,3403.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/805","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that leads chairman Miller and President Carter,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3403.26,3408.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/806","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and other governments in other countries","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3408.03,3412.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/807","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to not to adopt the simple advice that every editorial","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3412.05,3417.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/808","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the Wall Street Journal tells him to do","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3417.45,3420.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/809","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because it would be extremely costly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3422.29,3426.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/810","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the economy and socially disruptive.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3428.05,3430.943"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/811","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, that's why we actually have to look","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3435.63,3439.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/812","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at that third objective of the three incompatible ones","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3439.11,3443.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/813","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that I referred to a few minutes ago.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3443.67,3447.633"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/814","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's why the Carter administration finally came","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3450.74,3453.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/815","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"around to the conclusion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3453.34,3455.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/816","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that some direct tack","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3455.54,3457.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/817","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the wage price spiral was necessary.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3457.61,3460.543"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/818","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He couldn't do it just indirectly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3461.53,3463.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/819","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by slowing the economy down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3463.62,3467.123"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/820","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so if you wanted to do it at all","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3470.75,3473.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/821","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and not live with the present rate of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3473.69,3477.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/822","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when the public doesn't want to live","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3477.82,3480.386"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/823","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the present rate of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3480.386,3481.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/824","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then we have to be done by some direct intervention","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3481.94,3485.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/825","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in wage and price decisions and negotiations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3485.83,3490.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/826","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And what is euphemistically called in Europe incomes policy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3491.43,3496.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/827","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, basic what it means is the government doing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3498.36,3500.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/828","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"something to influence price setting","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3500.63,3502.343"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/829","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and weight setting in the economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3502.343,3505.343"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/830","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, since we had what everybody says was a bad experience","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3506.55,3510.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/831","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I knew the Nixon wage price controls in 1971, '73,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3510.96,3515.557"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/832","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"nobody will get up and say","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3520.52,3522.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/833","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we ought to accept Kenneth Galbraith.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3522.14,3524.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/834","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We'll get up and say","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3524.03,3525.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/835","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we oughta have mandatory wage and price control.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3525.54,3527.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/836","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So what we're having are is something not","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3531.69,3535.163"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/837","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as striking and compulsory as that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3537.19,3542.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/838","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"semi voluntary controls standards or guideposts,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3544.29,3548.663"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/839","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but in attempt at being made and really is essential.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3551.599,3554.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/840","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't see any other way out of the impasse.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3554.94,3557.623"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/841","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The problem with the country for several years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3558.578,3559.957"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/842","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has been that there are really only three alternatives","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3559.957,3564.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/843","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about this inflation business.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3564.15,3566.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/844","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And one was forget about it and just live with it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3566.31,3571.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/845","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Try not to overheat the economy, but give up the idea","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3572.76,3576.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/846","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we're going to reduce","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3576.56,3577.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/847","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the rate of inflation significantly.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3577.49,3579.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/848","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Another one was to adopt the severe","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3582.079,3585.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/849","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"classical remedy, say we really got to have a recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3585.64,3589.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/850","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or depression, and let's go through","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3589.49,3590.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/851","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with it until we get rid of this inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3590.93,3593.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/852","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the only other one is to have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3593.72,3595.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/853","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some kind of income policy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3595.73,3597.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/854","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some kind of direct unwinding of the inflationary spiral.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3597.21,3601.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/855","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There aren't any other alternatives.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3601.34,3603.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/856","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you got to choose one","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3604.06,3606.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/857","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like a little child who says he's hungry","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3606.73,3610.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/858","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but won't eat any of the three things on his plate.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3610.16,3612.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/859","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's not particularly mature to say","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3612.92,3616.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/860","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't like any of the remedies here.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3616.33,3618.693"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/861","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't like any of the alternatives","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3618.693,3620.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/862","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if they're the only ones there are.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3620.68,3622.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/863","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The public in the polls,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3629.26,3631.563"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/864","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when they say inflation is their enemy number one","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3634.54,3637.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/865","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are scarcely giving a mandate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3640.61,3643.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/866","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think for the austere policy of recession,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3643.13,3648.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/867","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"depression, and hierarchy employment.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3649.84,3652.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/868","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If I'm right in believing in what they really mean is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3652.89,3655.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/869","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they wish their real incomes were higher","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3655.87,3657.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/870","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they're scared about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3657.96,3658.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/871","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whether they're going to keep the real income they have.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3658.9,3663.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/872","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Then it seems to add injury to insult, to present them then","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3664.07,3669.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/873","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with a policy, which is bound to reduce their real incomes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3672.74,3676.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/874","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but namely reducing the level of employment and production","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3676.31,3681.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/875","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the country and consumption.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3681.58,3683.773"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/876","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What they also say explicitly in the polls","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3685.82,3688.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/877","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is they want controls.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3688.47,3690.023"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/878","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That George Meany may not like them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3692.828,3693.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/879","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the national association manufacturers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3693.87,3697.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/880","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"milling the controls, but the public","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3697.24,3699.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/881","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at large thinks naturally instinctively","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3699.93,3702.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/882","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that that's the remedy for the inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3702.89,3706.583"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/883","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, in the longer run perhaps is the question","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3715.276,3717.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/884","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whether we can do anything about the","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3717.67,3720.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/885","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what I refer to the inflationary bias of the economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3720.72,3723.743"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/886","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We certainly can't do anything about that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3725.29,3727.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/887","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to in time to have any effect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3728.251,3729.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/888","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the present inflation or the present dilemma","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3729.93,3732.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/889","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or the present impacts.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3732.91,3734.403"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/890","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"History suggests that we can't do much about it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3736.935,3739.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/891","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or that we won't do much about it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3739.24,3740.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/892","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the same question has come up before","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3740.89,3745.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/893","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"again and again.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3745.44,3746.573"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/894","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Presumably there are things we could do","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3747.67,3749.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/895","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to make the economy more competitive","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3749.41,3752.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/896","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and to make unions think more","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3753.36,3755.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/897","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about the people who aren't employed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3755.46,3757.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/898","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as well as the people who are, and to make wages","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3757.16,3760.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/899","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and prices both more flexible, downward, as well as upward.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3760.08,3765.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/900","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Many of those things would be good things in themselves","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3765.64,3769.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/901","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they would help in the inflation front as well.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3769.03,3773.373"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/902","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well I understand the title of the series","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3780.69,3784.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/903","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of whole is whether the American economy is obsolete.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3784.35,3787.223"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/904","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The American economic system is obsolete.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3788.696,3790.746"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/905","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't think it is.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3794.76,3796.223"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/906","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we're not confronted by a disaster","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3797.49,3802.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/907","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like the Great Depression.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3802.78,3804.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/908","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're not confronted by great national disaster,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3804.69,3807.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/909","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"ecological disaster.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3807.23,3809.183"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/910","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We don't have at the moment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3815.15,3817.799"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/911","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"an immediate big energy shortage and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3817.799,3822.799"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/912","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And as I said, at the beginning,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3824.59,3826.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/913","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the economy has been doing quite well.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3826.21,3828.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/914","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Much better than people generally think","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3828.5,3831.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/915","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it has been since 1973, certainly since 1975.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3831.13,3835.883"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/916","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Most of the real damage that we've suffered","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3838.85,3841.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/917","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"during this period has been due","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3841.05,3842.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/918","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the deliberately severe recession that was not inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3842.59,3847.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/919","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the attempt to bring inflation under control","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3848.68,3851.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/920","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and to the unavoidable shocks","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3851.85,3855.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/921","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that made the inflation as high","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3855.37,3858.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/922","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as it was in '74, '75, OPEC.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3858.16,3861.213"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/923","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Anyway, it'd be a real irony if after democratic capitalism","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3862.4,3867.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/924","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in this country and throughout the Western world has put","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3868.02,3871.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/925","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in an amazingly successful performance","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3871.98,3875.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/926","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the last three decades since the Second World War.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3875.77,3879.283"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/927","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Unparalleled period of progress","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3880.84,3884.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/928","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the free economies in advanced countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3884.12,3888.463"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/929","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A success story.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3892.168,3893.881"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/930","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It would be a real irony if after that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3893.881,3894.714"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/931","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which has really sort of falsified many","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3894.714,3899.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/932","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the pessimistic predictions of Marx","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3899.41,3904.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/933","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and other people who had despaired of capitalism","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3905.34,3910.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/934","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the Great Depression.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3910.81,3912.093"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/935","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"After Marx a real irony.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3913.247,3915.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/936","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If after that success story,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3915.5,3917.523"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/937","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"inflation in our inability to come to terms with it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3919.41,3923.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/938","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or to find some way of reconciling it with the performance","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3923.19,3926.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/939","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the economy turned out to be our Achilles heel.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3926.5,3930.993"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/940","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, I don't know.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3932.69,3934.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/941","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(applause)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3937.261,3939.511"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/942","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'll be glad to receive.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=3949.343,3951.303"}]},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28981/annotation/943","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/028/981/original/AV168051_a.vtt?1622850114","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/028/981/original/AV168051_a.vtt?1622850114"}]},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28982","type":"AnnotationPage","label":{"en":["AV168051_a.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781/transcript/28982/annotation/944","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- Can everyone hear me? I think this is on. It's not. I'm not an electrician either. There we go. First off. I'd like to say good evening, everyone. And I'm glad that everybody made it out in the weather as cold as it's been lately. It's surprising you go out anyplace. And as everybody knows, this last week's talks have been sponsored by the Institute on National Affairs. And what that is it's a student organization, student and faculty organization, funded by GSP and our topic this week has been the American economic system. Is it obsolete? And we have a few changes from our brochure that you might want to take a look at. And the Thursday night speaker or the speaker for tomorrow night is Dr. Ball and he's from Syracuse. He'll be speaking on urban revitalization but Ganz could not make it. I'd like to draw that to your attention. I'd also like to remind you that if you have any further questions for Lester throw, or for professor Tobin, the dimension five tonight at 10 o'clock would be a good thing to listen to. Is it 11? Okay, thank you. Because I'm getting my speeches mixed up too. Our speaker tonight is. Our speaker. Get started here, right? Our speaker tonight is James Tobin and he's comes from Yale University. He's been there since 1950 and he's been a Sterling professor since 1957. He's taken part in an awful lot of economics, economic organizations such as the American Economic Association, the Eastern Economic Association. He's also been on the Council for Economic Advisors during the Kennedy administration from 1961 to 62. He's written several books amongst which have been the \"National Economic Policies Essays on Economics\" and also \"The New Economics a Decade Older.\" He's published several works in various academic journals and his topic tonight will be must we live with stagflation? I'm very proud to introduce to you tonight, professor James Tobin.\r\n\r\n- Thank you, Mary. Is this actually on? If you can hear me in the back raise your hand. Ah. Sometimes speakers ask you sitting in the back to raise your hand if you can't hear them. It strikes me as a not very efficient request. Well, I want to talk a bit about inflation and stagflation, how we got into it, and whether we can get out of it, and so on. I do think that there's an awful lot of economic hypochondria around the country these days. Most people seem to think that the economy is in a terrible mess and everything is going to hell, but actually the conditioned to the American economy and its recent performance and its outlook, although they're not ideal to be sure scarcely justify the degree of despair and poor mouthing that is prevalent in the country. I'm not easy to please on matters such as this but I would like to point out a few facts that may have escaped you. One is that we have enjoyed now almost four years of fairly steady recovery from the severe recession of 1974, 1975, which is the sharpest setback in economic activity that the country's experienced since the Great Depression. And secondly, our gross national product the volume of a national output corrected for inflation. So just measuring its physical volume was about 15% larger last year than it was in 1975. When the recovery began and 12% larger than in the year of prosperity before the recession of 1973. Thirdly, about 10 million more people are at work than either of those years, 1973 or 1975. And the unemployment rate has been reduced from 9% at the trough of the recession in early 1975 to 6% now. It's still a point higher than it was 1973. And thus in my opinion is still too high. Moreover, most of these new jobs were our private sector jobs of the 10 million, seven million were created in the private sector since the recovery began. Fourthly, after tax disposable income corrected for inflation is 10% higher per capita than it was in 1973 before the recession. And that was the year of prosperity. Fifthly, corporate profits after taxes have been rising smartly, especially in recent months. And they now stand in real terms, 20% above the prosperous year, 1973. And business investment has shown some signs at long last to responding to the improvement in profits. Oh, the outlook for business investment in the coming year is not as favorable. And six, even though there are a disturbing possibilities of another recession beginning in 1979 or 1980 there are also good reasons to expect that 1979 would be a pretty good year of continued recovery and growth of output. In fact, the real economy is doing so well that the policy makers in Washington are a bit embarrassed by it because they are wishing for some slow down if not for a real recession. Now in this recital, I concentrate on real indicators have to do with production and consumption of goods and services and that's what the economy is all about. But those indicators don't make the daily headlines. The headlines are usually feeding the national hypochondria by being obsessed with monthly reports on price inflation or the before November 1st at any rate the latest daily defeat of the dollar in the international currency Olympics. And I would observe that it takes an affluent society like ours with a majority who are hardened or oblivious to such really economic stress that there is within it and outside it to regard inflation as the number one economic problem of the society. Most people on earth are too poor and their economies are too backward to afford that luxury, and if they have inflation as most of them do they take chronic inflation for granted and our own society faces some very difficult problems and adjustments. Cities, or some of our cities, are still pathological and sociological economic terms. We have the continuing problem of the transition from fossil fuels to other sources of energy. You notice that which was a. He noted Carter's States of the Union Address previous to this year, hardly got mentioned this year in his preoccupation with inflation. We have still the problems of preservation of our natural environment and so on. Well, inflation is not a pleasant condition or pleasant malady, but there are worse social diseases. And indeed some of them include the cures at least some of the cures offered for inflation itself. Now I guess everybody's seen cartoons that depict the monstrous dragon of inflation devouring the nation's means of subsistence. And if you haven't seen such cartoons, you can hear them in stump speeches, political messages, or read them in editorials. In a memorable comment, at least memorable to me, President Ford once said that \"After all, only 8% \"of the people lose from unemployment.\" That's what the unemployment rate was at the time. While everybody loses from inflation. And well don't we all lose when we all have to pay higher and higher prices for everything we buy? The negative answer to that question is as obvious as it is commonly neglected. So never forget that one man's price is another's income and the price that outrages the buyer can be usually thought of as the seller's just income. Urban consumers like me and Lester Thoreau over here don't like rising food prices, but someone receives those dollars. Processors middlemen, grocery clerks, and I've led to believe farmers in Iowa. And workers whose productivity has increased 2% per year, I think they have earned the 10% wage increases they get and then they blame something called inflation. When they find that the appliances they were making costs 8% more to buy in the department stores. What really matters to economic welfare is not how much a dollar will buy but how much an hour of labor will buy. When people tell you how much many more dollars it costs to buy something now compared to 1950 or 1960 or 1970, then you might also ask how many more dollars does the normal guy get for an hour of work? So what makes people lose is when the prices of what they want to buy rise relative to the prices of what they have to sell. Not when both sets prices move in step up or down. Now relative prices are the things that cause changes in welfare and changes in fortunes, and they're always moving around and they are moving in unexpected ways to the good fortune of some of us and the misfortune of others. That happens when there's general inflation and it happens at other times too when there's deflation or when prices are stable. Stability of the general price level, zero inflation, doesn't mean that nobody is losing and nobody else is gaining because that stability always conceals a considerable fluctuation flux in relative prices of some kinds of labor and other kinds of labor of food and industrial products, and so on. You have another example close to my own profession of teaching. We know that demographic and political changes by which I mean the declining birth rates and the attitudes of citizens in legislatures and private donors about education have produced a situation of excess supply in the teaching occupation at least in the college teaching, I guess generally. And as a result of that, I expect salaries in our profession lagging behind the cost of living and my colleagues who are not in economics tell me they see what inflation is doing to us. And I suspect that it's more basic and that for real good causes the relative prices of college teachers would be falling at this particular time of the century. Or consider oil and gas prices. The OPEC hurt us as a nation because we have to work three or four times as hard to import a barrel of oil. It happened that the blow came in inflationary times in '73 and '74 and contributed itself mightily to the scary double digit inflation of 1973, '75. And ever since then I guess you've been hearing about how inflation including the inflation of energy prices is hurting people but the true pain was due to an adverse shift in what economists refer to as our terms of trade, the amount of products and labor of United States that we have to give in order to get a barrel of oil from Saudi Arabia. And that would have been true whether it wasn't an inflationary times or not. Now it may happen that periods of substantial changes in relative prices are also somewhat more inflationary than other periods as the opaque example illustrates because when the price of oil went up by three or four times that change in relative prices was made by an increase in the prices of oil and oil products and the substitutes for petroleum as energy. It wasn't made very much by at all by a fall or a lag in other prices of other commodities. There's sort of ratchet effect there that went and have to be big changes in relative prices in our economic and social institutions a lot easier to make those changes by raising the prices that are rising relatively than by lowering the ones in the rest of the economy. So you could say in a sense that inflation was a by-product of the change in relative prices that occurred, but it was the change in relative prices and not the by-product of inflation that was the real loss to the nation. But what's happened is that the word inflation's become a substitute for analysis and thought and sort of catch all explanation for all economic reverses and disappointments. When the pollsters go out and interview the population they'd been telling him that inflation is problem number one in the country. And that message was heard in Washington, for sure. And so the President says it's problem number one also, but the people are probably really voicing disappointment and anxiety about their standards of living which are always their central economic concern. Now, when I first was asked to come here, one of the questions that was addressed to me for this talk was can we have prosperity without inflation? I guess that's really the same title as Mary gave must we have stagflation. But as for the first question is a fact that historically we have had periods of prosperity without inflation. Examples are the 1920s. Although in Iowa, they might not have thought the 1920s were that prosperous because one of the sources of stability in the overall price level was the fact that before the days of triple A and other government price support programs, farm prices were declining not only relatively but absolutely in the 1920s and that helped make prices in general stable. Another era of relatively stable prices in the 1950s. Although there was an outbreak of inflation that alarmed people quite a lot in the middle of 1950s, when the inflation rate got up to 4%. If we could settle for 4% tomorrow I think there would be rejoicing in the streets, certainly in the White House. The stability of the 1950s in prices or at least from our present perspective was purchased at some cost in the form of three recessions which served to lower the rate of inflation, for example. Whoops. Lower the rate of inflation that had the 4% rate of inflation that emerged in the middle 1950s. And we had another period of price stability in the early 1960s from 1961 to 1965 when the inflation rate was one and a half percent or something like that. A period of expansion during which gen employment was reduced from 7% the beginning of the period to 4% in 1965 without any appreciable acceleration of inflation or noticeable acceleration of inflation. So we have had within living memory at least for some of us, the periods of prosperity combined with relatively little inflation it is more difficult to find periods of prosperity that accompany deflation. In fact, most of the periods that would be identified in American history as times of trouble economically are periods when prices in general are declining. Since the Great Depression of the 1930s since recovery began in the Roosevelt administration in '33, and certainly since the Second World War, we have not had any periods of deflation. It has been, I think with the exception of one year steady increases in prices. It seems to have been a change in the fact that before the Second World War before the Great Depression, we had much more wider and rapid oscillations of prices. Times and prices rose 13, 15% for a year or two and then went down precipitously the next year. And we haven't had that in recent history. A striking fact is that since Second World War in this country as in others, prices and wages seem to be less flexible going down than they were in the past and less flexible going down, than they are going up. And so we have a sort of ratchet effect which produces a general trend upward. And we've noticed now in the 1970s that recessions we had two, one in 1970 '71, one in 1974, 1975, both of them could be said to have been deliberate recessions, deliberate acts of policy by the federal government in the interest of reducing rate of inflation. And neither of them was as effective in doing that as architects hoped they would be, or as effective as the recessions of the 1950s appeared to be in accomplishing the same task. We may be about to have a third 1970s recession and that will be for the same purpose. I'll come back to that later. Now, intrinsically there's no, at least there seem to be no reason why we can't get the same real results the same volumes of production climate, same economic growth in real terms with zero inflation or 2% inflation or 10% inflation as we do with six or 7% inflation because real outcome is basically depend on those relative prices I was talking about and not on absolute prices. For example, in the early 1960s, we had a pattern in the economy in which money wage rates were increasing around three or 4% per year, and prices were increasing around one to 2% per year. The difference between those two was the rate of growth of labor productivity which makes a 3% wage increase compatible with a 1% price increase because the labor costs were only rising 1% when productivity is increasing 2% and interest rates were accordingly around three to 5%. In the 1970s, we have much the same pattern only everything's stepped up by about five points. Now wages rising eight to 9%, prices rising six to 7%, interest rates eight to 10%. So why do we have a worse inflation now than we had in the 1970s? Or why do we have inflation at all? I have two propositions I'd like to emphasize. One is that not every episode of inflation has the same causes. There are a number of different sources. And second is that there is no simplistic single cause theory of inflation will really do, a remedy is not always the same, and remedy may not be simple. A little history on the American inflation after 1965. In the late 1960s, the dominant economic event was the escalation of the war in Vietnam. And that escalation was a disaster for the country in many dimensions. And one of those dimensions was surely not the most important but one of the dimensions was the decision of the President in 1966 is how to finance the war. And he chose not to ask for additional taxes from the Congress for financing the increase in military expenditures for the Vietnam war. The economy was already at a 4% unemployment, something that was regarded then as a full employment. And the additional demands of the government for resources for Vietnam, soldiers and material were piled in on top of an economy that was already going full blast. So we had a classic case of excess demand inflation. You can contrast the actions of President Truman in a similar situation with a Korean War, which was actually a much bigger deal in economic terms. In terms of the resources required for it relative to national product. And President Truman asked for and got taxes that paid for the war entirely. And there was very little inflation connected with the Korean War after the initial surge of speculation in 1950, which occurred really before the economic impact of war procurement affected the economy. During the late sixties then during the Vietnam war, the inflation rate rose from about 2% as it was in the early sixties to 5%. Well in 1970, '71, we had a policy induced recession to try to do something about the inflation. It succeeded in reducing rate of inflation by about 1 point to 4%. After the President Nixon got frustrated by the failure of that policy to do more than that, he turned to wage and price controls and that they also. I really should have included them in the factors that brought about the 1% reduction in the rate of inflation. In '73 and '74, '73, we had returned to a prosperity and some like 5% unemployment, a prosperous economy. And there was a kind of worldwide boom particularly in materials. And there was a food price surge for various reasons to the benefit of farm producers all over the world and this country. And there was OPEC and all that together raised the rate of inflation as I'm measuring it, which is not the cost of living index, but the overall index connected with the national income accounts. Raise the rate of inflation to 9% for a period of time, double digits at some particular moments of time by some particular indexes We lost three points of that inflation, possibly some of that due to the recession of '74, '75, most of it in my opinion, just due to the fact that OPEC didn't quadruple the prices every year, they did it once. And that contributed to inflation when they did it and while it was being absorbed, but they didn't do it every year. So you would expect that as far as the rate of inflation is concerned, not the level of prices that it wouldn't continue at the rate at the temporarily higher rate, and it didn't. The same is true of some other things like farm prices, which came down again. So we got back to a 6% rate of inflation, which was more or less constant during the period '75, '78. In '78 we had a surprise in that the rate of inflation seemed to go up again maybe. We don't know really how much of that is a one-shot events and how much of it represents a permanent general improvement of the economy and tightening of demand about three tenths of a point. Now, I mean yeah, I mentioned some of the explanations that are given for inflation and many of them you've all heard in here every day. The first there's government finance budget deficits, in particular. There is no doubt that government deficit spending has been responsible for inflation in many countries, many times in history. And I gave you an example, just a few moments ago of a case in this country where it was true, the financing of the Vietnam War. There's a standard that's an example of a standard scenario by which the government needing to get extra resources for its own purposes out of the economy, afraid or unwilling to tax to get the resources, obtains them by printing money or borrowing money and bidding for the resources against the the citizens at the expense of those citizens who are the slowest to react or catch on or who have incomes that are sticky or fixed. But then the fact that that has happened and could happen again doesn't mean that large budgets or deficits are necessarily inflationary. Times when they're not, for example, is when the economy is a slack, when there are large amounts of excess capacity, large reserves of labor in the economy, so that the injections of purchasing power from the government do not bid away resources from private use, but actually cause additional employment and production. So there's enough capacity in the economy produce both for the government and for private sector. Well, recent example is that we ran in the United States budget, mammoth deficits in the period of the recession in 1975, '76. And they did not increase the rate of inflation which was indeed if anything, falling from its peaks in 1970 for, at the time. The present time the President has committed himself to a budget with a smaller deficit of $30 billion or $29 billion deficit for the fiscal year, 1980. And some current comment on that seems to me to be misguided. It has been pointed out that that deficit might be larger if there's a recession and indeed it well will be larger if there's recession. That is if economic activity does not meet the President's predictions than profits, wages, and other incomes will not be as large as anticipated and the taxes which are based on them will not be as large as anticipated. Some transfer payments like unemployment insurance will be on the other hand, greater than anticipated. And the deficit will be larger. The fact that the deficit is larger because the economy is weak is definitely not inflationary. It's that sign of a weakness of the economy, not shortages of goods and have the capacity to produce goods in the economy. Another common explanation of inflation is excessive creation of money by the central bank or printing of money to meet governance bills. So that it's somewhat overlaps with the budget deficit point. But it's also true that independent of the budget, whether it's in deficit or not, money can be created at the instance of the central bank, the federal reserve and might be a source of excess demand in the economy that its interest rates might be set too low and creates too much to expenditure on housing and on investment and have the same effect of over straining or overheating the economy as government expenditure itself. Well, I suspect it's going to be very hard. It is very hard for anybody to find examples of deliberate, spontaneous, willful inflation by central banks. I know quite a few central bankers and I've never found a single one of them who had a good word to say about inflation. And it's hard for me to believe in any of them would be willing sources of inflationary increases in money supply while sometimes they make errors. They might've made one in '72. They might've made one in 1968 and miscalculating the strength of the economy and providing easier money than the situation demanded. On some occasions they made the opposite errors. But usually when the monetary authorities are creating money at a rate which is inflationary, what they're doing is accommodating an ongoing inflation. It's already there. And the reason they do it, reluctantly is because as I shall explain in a minute, the consequences of not doing so are very painful or could be very painful. Now the third point I like to make about multiple forms and sources of inflation is can you refer again to the ratchet effect I was talking about earlier and to what I would term the inflationary bias of modern economies. Their results I think for the power of various sectors of the economy to protect their real incomes either politically or economically and those could be unions, sometimes unorganized workers, protectionists who like the steel industry who get the trigger price formula when foreign imports are too competitive, could be a farm organizations that have the power to keep prices rising when demand and crop supplies are favorable to them. And to keep them from falling by government price support and other crop restriction and other acreage restrictions when the supply demand situation turns the other way. And it could be oligopolies who are reluctant to reduce prices in recessionary periods for fear that price wars will break out and destroy their tacit oligopolies stick agreements. We have a very much insider syndrome in the setting of wages and prices. People, unions, and other organizations worry much more about the wellbeing of the beneficiaries who are already employed or are already in business than they do about people who are not employed or outside. In regard to inflationary bias, even at the time when I was a graduate student in economics which was a long time ago a common aphorism in the halls and a beer parlors and so on was that there are three goals that are impossible if being fulfilled simultaneously in a democratic capitalist society and they are stability of prices that is absences inflation, second, full employment is not having excessive unemployment rates, and third, avoiding price and wage controls or other direct interventions into price and wage setting. Those are, or another way to put it, there are three things you would like to avoid, inflation unemployment, and controls, and you can at most avoid two of them. Sometimes we don't avoid any of them. Sometimes we avoid only one, but their basic point theory is that there is an inflationary bias in the structure of the institutions of democratic capitalist societies, and that independently of government finance or monetary policy is going to be a source of inflation. And I go back to the plans making before that often the only way that relative price changes that need to occur in this society can occur is by having some upward trend in the price level. Now, the main reason I think that we've had inflation in the United States in recent years is that we had it before. It's a very stubborn and persistent entrenched trend. And it feeds on itself more or less independently of the economic circumstances of the day. And pattern is self-consistent in the sense that wages rise, let's say eight or 9%, after productivity gains are taken into account that's consistent with price increases of six or 7%, let's say. And those indeed go into the cost of living index and together with the fact that other people's wages have been increasing at that rate, they perpetuated another round of wage increases at the same rate, a lot of leapfrogging emulation involved. People look over their shoulders and see what the other union got. Auto workers are going to look back and see what the Teamsters got, what the steelworkers got and so on and it's repetitive as well as what they themselves got last time. And this kind of repetitive pattern that has a lot of momentum. The employers, on the other hand, you figure, well this is the pattern I paid a pattern. I'm a good employer. Other people are paying it too. And I won't be disadvantaged relative to my competition if I pay the going wage increase and neither will I be showing that I'm being a cutthroat competitor if I go with the standard price increase. Some people refer to all this as not as catching up in as emulation but in terms of expectations, I don't really see how you can tell much the difference between them. They certainly connected and sort of part of the reason that you get wage rounds, the way we have is that people want to catch up with the wage increases. Other guys who've got cost of living increases that have occurred. And also with the cost of living increases they expect to have happen in the next year or so. Well, let me emphasize that there's nothing intrinsic in the structure of the United States economy right now that dictates that we should have rates of inflation of seven or 8% or 10%, 6%. If I described to some economist or observer who had been like ripping poor asleep for 30 years or just returned from a space voyage. If I describe the economy in real terms how much unemployment there was, how much excess capacity there was, what the production rate was, et cetera, and asked that person tell me what you think the rate of inflation is in this economy, he wouldn't be able to tell. It wouldn't look that different really from the 1961, '65 period when the rate of inflation as I already related with five points lower than it is now. And so the reason that we have the rate of inflation we have now is basically historical. We have had it and it's got itself entrenched. There's some people said it's like everybody standing up at a football game. They can't see any better than if they were all sitting down. Nobody wants to be the first one to sit down because then he won't be able to see and nobody wants to be the first one to move the inflation rate down for the same reason. Can't be sure the other guys are going to sit down. It's sort of an impasse. The classical remedy for inflation. It's based on the assumption that inflation is always of the first two types that I mentioned. Namely it says state of excess demand, general excess demand created by excessive government spending, deficit spending, or by excessive creation of money or both. And then the classical remedy is very simple. And that is get rid of the budget deficits. Stop printing the money But what are we doing here? When we haven't had that kind of inflation then that remedy doesn't work very fast. And it also has a very large cost in terms of unemployment and lost production. Basically, we tried to classical medicine in 1974, '75 and that was the reason for the recession of those years. And although the rate of inflation fell from the double digits at the time of the OPEC price increase and so on, it didn't fall after that. It stubbornly stayed around 6% throughout the period of high unemployment and steady, but slow recovery. What can you estimate from that and other experience? That if we had let's say a one point higher rate of unemployment than we have now, say 7%, instead of 6% unemployment. It would take two years to, at least two years, maybe three or more, to reduce the rate of inflation by a point. So reduce it from where we are now down to three or zero would take a decade. A long time. Meanwhile, we lose the extra production that would be is associated with the one point difference in unemployment. That's not a trivial amount, perhaps 2% of the GNP. It means about $40 billion for a point of unemployment a year. And for a long time, that would mount up to a production investment consumption loss. And that is basically why the monetary authorities, the central bank, the federal reserve doesn't take the simplistic advice so many people give it. Why don't you get rid of the inflation? We know you caused it. It's all government cost. That's what everybody tells us. So why didn't the government do something about it? Put its own house in order and stop inflating the economy? Well, if the central bank actually did that or if the government actually by fiscal and monetary policy succeeded in cutting the rate of spending, aggregate spending on gross national product, on goods and services and the country, let's say by five points. What I mean by that is let's suppose that in 1979 the rate of spending on GNP on goods and services would be higher than in 1978 by 10%. And if we take something like the present economic report projection, that 10% growth in spending would be divided between a 3% growth in output and a 7% inflation. Increase in prices, the three and the seven adding up to 10. And now I suppose the government by combination of tighter fiscal and monetary policy was able to reduce the growth of dollar spending from 10% to 5%. So the dollar GNP would only grow by 5%. Now, the question is if we lived in the world that some people seem to think we live in, that would mean that inflation would be reduced from 7% to 2%, and we still have 3% growth in output. That would be nice wouldn't it? It'd be very simple. We still have the same growth in production consumption and investment, and instead of having 7% inflation, we'd have a 2% inflation. And the government presumably knows how to do that because they said federal reserve knows how to put the brakes on. And if the President and the Congress were serious about inflation, they could even do more on their budget than they were already doing. But the fact is, at least the evidence of the fact is I think that if they reduce the rate of dollar spending from 10% to 5%, it wouldn't come out of the price increase. It would come out of the output increase. So instead of having 3% output increase, we have a minus 2% output increase, and still have the 7% inflation. And that's because of the stubbornness of the inflationary trend built in to the economy at least in the short run. Now maybe you do it for a decade. Do it with 9% unemployment instead of 7% unemployment, you can get it done faster if you do it that way. Maybe eventually going along with 5% instead of 10% growth in money stock and in money spending on GNP you get the rate of inflation down. It would take a long time and a lot of unemployment and a lot of loss of outfit. So it's not stupidity or perverseness or even a complacency about inflation that leads chairman Miller and President Carter, and other governments in other countries to not to adopt the simple advice that every editorial in the Wall Street Journal tells him to do because it would be extremely costly to the economy and socially disruptive. Well, that's why we actually have to look at that third objective of the three incompatible ones that I referred to a few minutes ago. And that's why the Carter administration finally came around to the conclusion that some direct tack on the wage price spiral was necessary. He couldn't do it just indirectly by slowing the economy down. And so if you wanted to do it at all and not live with the present rate of inflation when the public doesn't want to live at the present rate of inflation then we have to be done by some direct intervention in wage and price decisions and negotiations. And what is euphemistically called in Europe incomes policy. Well, basic what it means is the government doing something to influence price setting and weight setting in the economy. Now, since we had what everybody says was a bad experience I knew the Nixon wage price controls in 1971, '73, nobody will get up and say we ought to accept Kenneth Galbraith. We'll get up and say we oughta have mandatory wage and price control. So what we're having are is something not as striking and compulsory as that semi voluntary controls standards or guideposts, but in attempt at being made and really is essential. I don't see any other way out of the impasse. The problem with the country for several years has been that there are really only three alternatives about this inflation business. And one was forget about it and just live with it. Try not to overheat the economy, but give up the idea we're going to reduce the rate of inflation significantly. Another one was to adopt the severe classical remedy, say we really got to have a recession or depression, and let's go through with it until we get rid of this inflation. And the only other one is to have some kind of income policy, some kind of direct unwinding of the inflationary spiral. There aren't any other alternatives. And you got to choose one like a little child who says he's hungry but won't eat any of the three things on his plate. It's not particularly mature to say I don't like any of the remedies here. I don't like any of the alternatives if they're the only ones there are. The public in the polls, when they say inflation is their enemy number one are scarcely giving a mandate I think for the austere policy of recession, depression, and hierarchy employment. If I'm right in believing in what they really mean is that they wish their real incomes were higher and they're scared about whether they're going to keep the real income they have. Then it seems to add injury to insult, to present them then with a policy, which is bound to reduce their real incomes but namely reducing the level of employment and production in the country and consumption. What they also say explicitly in the polls is they want controls. That George Meany may not like them and the national association manufacturers milling the controls, but the public at large thinks naturally instinctively that that's the remedy for the inflation. Well, in the longer run perhaps is the question whether we can do anything about the what I refer to the inflationary bias of the economy. We certainly can't do anything about that to in time to have any effect on the present inflation or the present dilemma or the present impacts. History suggests that we can't do much about it or that we won't do much about it because the same question has come up before again and again. Presumably there are things we could do to make the economy more competitive and to make unions think more about the people who aren't employed as well as the people who are, and to make wages and prices both more flexible, downward, as well as upward. Many of those things would be good things in themselves and they would help in the inflation front as well. Well I understand the title of the series of whole is whether the American economy is obsolete. The American economic system is obsolete. I don't think it is. And we're not confronted by a disaster like the Great Depression. We're not confronted by great national disaster, ecological disaster. We don't have at the moment an immediate big energy shortage and so on. And as I said, at the beginning, the economy has been doing quite well. Much better than people generally think it has been since 1973, certainly since 1975. Most of the real damage that we've suffered during this period has been due to the deliberately severe recession that was not inflation but the attempt to bring inflation under control and to the unavoidable shocks that made the inflation as high as it was in '74, '75, OPEC. Anyway, it'd be a real irony if after democratic capitalism in this country and throughout the Western world has put in an amazingly successful performance in the last three decades since the Second World War. Unparalleled period of progress in the free economies in advanced countries. A success story. It would be a real irony if after that which has really sort of falsified many of the pessimistic predictions of Marx and other people who had despaired of capitalism in the Great Depression. After Marx a real irony. If after that success story, inflation in our inability to come to terms with it or to find some way of reconciling it with the performance of the economy turned out to be our Achilles heel. Well, I don't know. I'll be glad to receive.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/43686/file/116781#t=0.0,3956.688"}]}]}]}