Word: arantes
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Dates: during 1960-1969
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...have rumbling pessimism, we now have rumbling optimism." The optimism, however, is restrained: stability rather than boom is the general expectation. And stability, though preferable to a recession, is nothing to cheer about in an economy that has not boomed for five years. Says Swift & Co. Chief Economist Willard Arant: "Economists have fallen into the bad habit of thinking that if we stay even, then we aren't in a recession. But when you don't measure up to a growth trend, you are actually falling back...
When asked to characterize the present state of the economy-is it good? will it get worse?-the men who are closest to it take refuge in jargon. Economist George Cloos of the Chicago Federal Reserve Bank prefers that ripe-sounding phrase "high-level stagnation." Swift & Co. Economist Willard Arant calls it "high-level stability." Professor J. Keith Butters of the Harvard Business School thinks that the economy is in "a sidewise movement" after "an inadequate recovery." One top corporate economist calls the present economy "a rolling kind of thing"; another figures it is in "a sputtering phase"; and still...