Word: boskin
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Dates: during 1980-1989
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...after the EPA's Reilly, in a move supported by Boyden Gray, argued for an idealistic plan that would have required half the cars in the nation's 20 largest cities to be powered by alternative fuels by the year 2000. Budget Director Richard Darman and Economic Adviser Michael Boskin worked for weeks to come up with the scaled-down version that eventually went to the President. Bush never saw the EPA's 50% proposal...
Nonetheless, the separate perceptions that divide the White House and the Fed remained glaringly obvious. On the day before the CPI figure was released, Greenspan told Congress that "the current level of inflation, let alone an increase, is not acceptable." But on the same day, Michael Boskin, chairman of Bush's Council of Economic Advisers, testified, "I do not yet see a serious increase in the underlying inflation rate." Boskin edged a bit closer to the Fed chairman by adding that if prices do begin soaring, the Administration will "take quick action" and "support a policy that avoids an acceleration...
Most of his colleagues are pleased that Boskin was selected, viewing his appointment as a sign that the Bush Administration will be more accessible to outside ideas than its predecessor was. Boskin certainly hopes that is the case: "I've always taken very seriously the research of all schools of < thought. I didn't start out presuming they were wrong, because I wasn't wed to one camp or another." That sort of thinking should be a boon to the Bush Administration as it grapples with deficits and other problems that so far have proved too big and intractable...
...rigid, dogmatic formulas for prosperity. Many academics are attacking their peers for getting so wrapped up in mathematical models that they cannot understand the unpredictable diversity of the real world. "We have learned that the various schools of thought all have important elements of truth in them," says Michael Boskin, designated chairman of the President's Council of Economic Advisers. "But none of them is by itself a sufficient explanation of what goes on in the economy...
...Like Boskin, economists of every stripe are grappling with the far- reaching changes that have swept the U.S. during the 1980s. Among them: the growing transformation of the world into a single, global marketplace in which the U.S. is just one player; the frightening decline of American competitiveness, which has helped turn the country into the world's biggest debtor; the runaway growth of U.S. service industries, which has made productivity and other important measures of the economy increasingly slippery to calculate...