Word: ecksteins
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Dates: during 1960-1969
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...Otto Eckstein, professor of Economics, last night termed the budget "realistic." He said that the estimated 5 per cent growth in Gross National Product should reduce the unemployment rate among members of the labor force to about 5 per cent. The current level is over 5 per cent...
...Eckstein called the tax cut "the most important measure of economic policy to be proposed since World War II." The Council of Economic Advisors estimates that the measure should add $30 billion anually to GNP within two or three years...
...Eckstein labeled as "sheer speculation" any attempt to guess whether all the large steel companies would now hike their prices. But the fact that the other companies have done nothing yet is a "good sign" that they plan to hold the line, he said...
Wheeling's new prices represent an across-the-board increase, Eckstein said, and not merely a "selected products" price increase, as some industry spokesmen have claimed. He pointed out that if the entire industry follows Wheeling's increase, the prices of more than half of all steel products will be affected...
Wheeling's price increase is "mysterious" to Eckstein because it is only the 11th leading producer. In the past U.S. Steel has usually been the first to raise prices. He said that perhaps the industry is trying something new after what happened in last year's attempted price hike...