Word: eckstein
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Tuition hikes are already at "their upper limit." Otto Eckstein, Warburg Professor of Economics and a member of the group, said yesterday...
...members expect real G.N.P. to increase at an annual rate of about 4% to 4.5% from now through December-bringing the average for all 1977 to a bit under 5%-and to continue at about that pace through the middle of next year. Among the more optimistic is Otto Eckstein, a Harvard professor and president of Data Resources, Inc., a producer of computerized forecasts (TIME, Sept. 26). He predicts a 4.8% advance in G.N.P. for all of 1977, and an average increase of 5% in the first half of 1978. Eckstein foresees that the economy, after slowing somewhat...
Upon leaving Government, Eckstein found himself in great demand as a speaker and consultant to business. In one two-day period, he jetted to Chicago, Denver and San Francisco-and concluded that "there must be a better way to disseminate economic data and forecasts." It was on the plane that he conceived the idea of putting his econometric model and other data on a large central computer that clients could tap into...
...Eckstein sold his idea to Wall Street's Donald Marron, chief executive of Mitchell, Hutchins, the investment advisory firm.* In 1969 it raised $1.1 million in seed money and became a founding partner in the company. DRI was not the first firm to market econometric forecasts; Lawrence Klein, who developed an econometric model of the U.S. economy shortly after World War II, has been selling forecasts from his famous Wharton School model for five years longer. But Eckstein's marketing flair and his computer time-sharing innovation have made DRI by far the biggest in the field...
This year Eckstein expects that the G.N.P. will grow 4.8%, consumer prices will rise 6.5%, profits after taxes will expand 13% and unemployment will decline to 6.9% in the fourth quarter. Between now and 1980, there will be a great increase in the number of heads of families aged 25 to 44 who earn more than $25,000, and this will lead to a surge in sales of houses, furnishings, cars and other fairly costly goods. A happy forecast - and it is even safer to anticipate that DRI will continue to grow faster than most of the indicators that...