Word: complexes
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Dates: during 1970-1979
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...important role. But now the economic pendulum has swung from underutilization of capacity to overstraining of productive resources, and policies aimed at further firing consumer demand without simultaneously increasing investment and supply have become about as useful as Gerald Ford WIN buttons. Says Feldstein: "It is a much more complex world than Keynes or anyone else admits, and it is constantly changing. We know enough to move the economy out of a trough but not to control the business cycle...
...page text, Macroeconomics, by Dornbusch and Stanley Fischer, 35, both professors at M.I.T. Published in 1977, it has become the largest selling advanced economics text. The authors' central thesis reflects the new economists' nagging uncertainty about the omnipotence of their own profession. They contend that the complex computer models used to predict the effects of specific economic policies or actions simply do not-and cannot-reflect the way the real world behaves. "What will be the magnitude of reaction to a broad tax cut?" asks Dornbusch. "Will people spend the money at once? Will they wait?" His conclusion...
Kreindler defends his high fees (17½% of the award), pointing out that air crash suits are complex and time consuming. In the Chicago air crash case, he will have to show how much money his clients (so far, the relatives of 16 victims) need to be compensated for their loss, based on the projected earning power of the victim, age, dependence on and relationship to the claimant. He must also prove that American or McDonnell Douglas or both were at fault. To be sure, the airline and manufacturer have offered not to contest their liability and to settle...
...Less law. Complex law makes for complex litigation. The hopelessly vague antitrust laws, for instance, have been a chronic problem for troubled courts since 1890 and produced a tangle of conflicting interpretations. The antitrust monster of U.S. vs. IBM is now ten years old and nowhere near resolution. Clarifying or simplifying labyrinthine laws would save millions of dollars in legal costs as well as free judges to work on other matters. Like regulatory schemes that do more harm than good by stifling competition, some laws might even be eliminated altogether...
...Benitez, 22, ferries him from county to county, some 1,700 miles a month. In only a few days, in three different courts, Moran will change some child visitation rights, grant half a dozen divorces, hear pretrial motions on a first-degree murder charge, listen to motions on a complex home-construction case, sentence a drunken driver, a housebreaker and a cocaine peddler (90 days' probation). The legal issues and questions he constantly confronts hop from civil to criminal to constitutional...