Word: eckstein
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Dates: during 1960-1969
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...paper delivered by Otto Eckstein, professor of Economics and former member of the Council of Economic Advisors, in late January at the Institutional Investor Conference in New York raises the fascinating, if nebulous, possibility that ending the war in Vietnam may make such social capital available...
...Eckstein points out first that with the war in Vietnam raging, the non-Vietnam military budget today is, by normal standards, an austerity budget. All military construction in the U.S. has been stopped. Pay-increases to military personnel have been deferred. There have been surprising declines in contract awards to aerospace industries and other businesses, Eckstein notes. The procurement of the Minuteman-three has been postponed for eleven months. In addition it has been officially announced that the extra $3 billion of Vietnam spending in the current fiscal year will come entirely from the reprogramming of non-Vietnam military expenditures...
...same time, Eckstein shows, economic growth is being maintained--stimulated in 1968 almost entirely by the private sector. In the last few years the stimulus came from Vietnam spending. This means that the increase in private demand this year will probably make up for the levelling of the total defense budget. In this sense "the economy is being weaned from its dependence on military spending," he says...
Suppose the war in Vietnam is brought to an end sometime this year. Eckstein estimates that the direct and immediate saving will exceed $10 billion as "spending for munitions, planes, helicopters, food, gasoline, transportation, and extra troops pay tapers...
...When Eckstein received the petition, he scheduled a Thursday luncheon meeting at Lowell House with those who were pushing the idea. Three hours later he had cleared the arrangements with the Economics department and told Kaufman the section...