Executive View: Three R's of Productivity

With the zeal of the sinner reformed, Charles Jackson Grayson Jr. goes around the country preaching that inflation cannot be defeated by price controls. Sad experience has taught the professor: he was Richard Nixon's price commissioner during the cold, post-freeze days of controls from 1971 through early 1973. Now this much-lettered man (Pennsylvania M.B.A., Harvard D.B.A., ex-FBI agent, ex-S.M.U. business school dean) is trying to sharpen what he considers America's most forceful anti-inflation weapon: productivity.

Price rises will slow down if America can get a larger output of goods and services from the same input of labor, capital and...

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