Inflationary Impact of Pricing by Concentrated Industries: Hearings Before the Joint Economic Committee, Congress of the United States, Ninety-third Congress, Second Session (pursuant to S. Con. Res. 93) September 4 and 9, and October 7, 1974 |
Other editions - View all
Common terms and phrases
administered pricing annual Antitrust Division antitrust enforcement antitrust laws average Bank behavior Bethlehem Burns Harbor CHART coal competition concentrated industries Congress cost increases demand DIRLAM domestic steel earnings effect equity expansion facilities fact Federal firms fiscal policy furnaces going Government impact important incomes policy inflation inflationary Inland Steel Co investment Iron and Steel JAICKS KAUPER labor major manufacturing market power ment million tons monetary and fiscal MUELLER National nomic oil companies oligopoly operations output past percent period plant prepared statement price fixing price index price leadership problem profits raw steel recent Representative CONABLE result rising SCHERER Senator PROXMIRE shipments shortage SPEER steel capacity steel companies Steel Corporation steel industry steel mill products steel products steelmaking substantial supply tion U.S. Steel United States Steel Vice Chairman wage WESTON wholesale price index wholesale prices WILLIAM PROXMIRE
Popular passages
Page ii - 5(a) of Public Law 304, 79th Cong.) WEIGHT PATMAN, Texas, Chairman WILLIAM PROXMIRE, Wisconsin, Vice Chairman HOUSE OF REPRESENTATIVES RICHARD BOLLINQ, Missouri HENRY S. REUSS. Wisconsin MARTHA W. GRIFFITHS, Michigan WILLIAM S. MOORHEAD, Pennsylvania HUGH L.
Page 231 - practices by these companies constituted unfair methods of competition in violation of the Federal Trade Commission Act. However, by reason of the Cement Institute decision, upheld by the Supreme Court in 1948, the industry discontinued using the basing-point system and started selling steel on an fob mill basis, explaining this action by pointing to the fact that the system had been declared unlawful.
Page 117 - by the Subcommittee on Departments of State. Justice, Commerce, the Judiciary, and related agencies of the House Appropriatons Committee and included In the printed record of hearings before that Subcommittee. More precisely, they can be found at pp. 970-978. and 1021. Other Information and testimony can be found at pp.
Page 89 - If prices are to- be linked to specific rates of return, however, we need to know much more than we do now about the details of the steel companies' costs and finances. Are all of the assets reflected
Page 57 - accounting, because you will have inventory valuation profits in there. I think, as I indicated, the best measure of that is that between the fourth quarter of 1973 and the first quarter of 1974 nominal profits overall increased 10 percent. But just making the inventory valuation adjustment alone, profits are down 2 or 3 percent. Senator
Page 211 - to accommodate our customers' needs in a period of high demand. We are doing everything possible to maximize our production and shipments of steel to meet the high demand presently existing. There were no production units excluded from the total submitted under our answer to item #1. I hope that this information will be helpful to you in your study. Very truly yours,
Page 58 - flow problem, you have a very serious problem there. When you take something like food retailing, when the inventory averages about 6 weeks for a turnover, you cannot explain that 61-percent increase from the second quarter of 1973 to the second quarter of 1974 on the ground of inventory profits and have a very satisfactory resolution of it, can you ? Mr. WESTON.
Page 7 - believes it cannot, for in a recent paper he characterized as "the most general position of economists" George Stigler's statement, "The traditional economic theory argues that oligopoly and monopoly prices have no special relevance to inflation.
Page 32 - TO sum UP. the presence of unrestrained market power creates an inflationary bias. And. significantly, such power creates inflationary pressures even in the absence of strong demand-pull forces. Perhaps the most vexing problem is that efforts to control seller- or cost-push
Page 37 - AND INCOMES POLICY To begin, an explicit legislative mandate should be given to any future public policy to influence the prices and incomes * of those with market power. The Congress has done this with the legislation reestablishing the Cost of Living Council, though I believe that legislation is too week. A serious flaw in the guidepost policy of the