Word: boskin
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Dates: during 1970-1979
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...Keynesianism was flourishing in the late 1950s and the 1960s, the new economists are now professors in their own right at universities around the country. Among them: Martin Feldstein, 39, of Harvard, who is the leading thinker in the group; Robert Lucas, 41, of the University of Chicago; Michael Boskin, 33, of Stanford; Rudiger Dornbusch, 37, and Stanley Fischer, 35, both of M.I.T.; as well as many, many others...
...MICHAEL BOSKIN, 33. When he was an undergraduate at Berkeley in the 1960s, Boskin remembers, the young were radicals and the older people conservatives. In his profession now, he finds the alignments almost exactly reversed-because of the disillusionment of the students of yesterday. Says he: "The older generation held out too much promise for being able to fine-tune the economy and eliminate all its problems by Government intervention...
...articles and testimony, Boskin, a Stanford professor, advocates a concise plan. Among his ideas: 1) reduce the size of federal spending as a proportion of the Gross National Product; 2) balance the budget over the length of the business cycle, accumulating surpluses in good years that can be used for tax cuts in hard times; 3) require the Federal Reserve Board to announce a "moderate and predictable" rate of monetary expansion-about 5% to 6%-and stick to it; 4) eliminate the personal income...
...income, which includes savings that are now actually subjected to double taxation (first when the money is earned and later when it draws interest or dividends). Instead, they would pay taxes on only the money they spent, thus creating a powerful incentive for saving. Impossible? Not at all, says Boskin, who adds that since interest and dividend payments also would be tax exempt, U.S. capital accumulation would rise to new highs, thus revitalizing the private sector of the economy...
Contended Stanford Economist Michael Boskin: "To deal with inflation, we must get Government spending under control. The longer we wait, the worse the biting of the bullet will be." University of Chicago Economist Walter Fackler insisted that neither voluntary nor mandatory restraints on wages and prices will work. "It's all just a silly game, a ritual we go through periodically. We will have inflation as long as the Federal Reserve continues to pump more money into the system." Yet the President could hardly present a plan for directing the Federal Reserve Board's policies since...