Word: boskin
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These regulations, originally well-intentioned, often turn into generalized hostility toward businessmen. Often, too, they are grossly inflationary. Stanford Economist Michael Boskin notes that when the Government orders, say, General Motors to put $400 in pollution equipment on a car, that amounts to a $400 tax on the consumer, who eventually pays the sum in the purchase price for the automobile...
...brightest younger economists on campuses, including Harvard's Martin Feldstein, Southern California's Arthur Laffer and Stanford's Michael Boskin, generally emphasize the strengths of the free market and the failure of government intervention. The theme that unites them is skepticism
...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...