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Much of the language used to describe monetary policy, such as "steering the economy to a soft landing" of "a touch on the brakes" , makes it sound like a precise science. Nothing could be further from the truth. Economists have been particularly surprised by favorable inflation figures in Britain and the United States, since, conventional measures suggest that both economies, and especially America's, have little productive slack.
As a result, California's growth rate dropped during the 1970's, to 18.5 percent--little more than two thirds the 1960's growth figure and considerably below that of other Western states.Unlike most of the world's volcanoes, they are not always found at the boundaries of the great drifting plates that make up the earth's surface; on the contrary, many of them lie deep in the interior of a plate.
