ARGENTINA: Economics with Gusto

With the gusto that made him the pre-presidential darling of Argentina’s underprivileged, Juan Domingo Perón last week tore into the battle against inflation. “Either the cost of living is lowered or wages will be raised,” said he, with an assurance that few economists could conjure up.

Admitting to Casa Rosada (Government House) newshawks that the reasons for higher prices were “more intricate than appears at first sight,” Perón flatly promised that “if within 60 days the Government does not obtain the collaboration which it requests . . . it will be obliged to raise salaries up to 40% and freeze existing prices.”