Speaking to a group of Polish Americans, President Johnson noted last week that some Communist countries are beginning to appreciate the value of the main motive force of the capitalist economy: profits. "In Eastern Europe," said he, "profits are coming to be understood as a better measure of productivity." Almost as the President was speaking, his top economist, Gardner Ackley, was publicly faulting U.S. corporate profits. Indeed, much of the current nervousness in the stock market and most of the worry among businessmen stem from fear that whatever the Administration does to fight...
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