THOUGH the economy's long winter of discontent seems near its end, spring has by no means arrived. A quickening sense of anticipation was apparent when President Nixon switched from an anti-inflation policy of slowing down business to one of expansionism. But the resurgence predicted by the Administration is agonizingly slow in coming. The prime reason: high rates of inflation and unemployment continue to chill the enthusiasm of businessmen and consumers, who are holding spending to a minimum. Little remains of the inflationary psychology of a few years ago, which prompted people to buy impulsively in the belief that prices would rise...
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