Word: beryl
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Tougher Labor. Two of TIME'S economists-Alan Greenspan and Beryl Sprinkel-tend to agree. Said Sprinkel: "There is a fifty-fifty chance that after the election, the Administration will declare a victory over inflation and abandon the control program." But the majority of TIME'S Board figure that controls will be needed well into next year, partly because the dangers of rising prices will become increasingly severe as the economy continues to rebound. In addition, labor will be tougher to keep in line next year because there will be far more-and bigger-contracts up for renegotiation...
...price controls, the trade-off between inflation and unemployment. How will the outcome of the election influence these decisions? That question was examined by three members of TIME'S Board of Economists: Walter Heller, who was chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson; Beryl Sprinkel, a Republican and senior vice president of Chicago's Harris Trust & Savings Bank; and Harvard's Otto Eckstein, a CEA member in the Johnson Administration. Their appraisals...
...BERYL SPRINKEL. There would be more inflation under a Democratic Administration and, in the very short run, an average level of unemployment a little higher under a Republican Administration. Over the longer pull, I would argue that unemployment would be lower with the Republicans. They are likely to avoid a stop-go policy of stimulus and restraint-that is, they would tinker less with the economy...
Monetarist Beryl Sprinkel believes that the lag effect of the extremely tight money policy pursued by the Federal Reserve in the second half of last year will "knock a few billion dollars off the G.N.P. in 1972." Despite these caveats, most board members agree that the economy should pick up strongly in the months ahead-if only because of the stimulative effects of the Administration's big election-year budget deficit. One early sign: the unemployment rate dropped slightly to 5.9% last month...
...Beryl Sprinkel...