Word: ecksteins
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...thoroughly, Marglin still reached the conclusion that Marx's broad theory was invalid, yet he refused to discard Marx entirely He, lime many radical economics, abandoned Marx's strict gospel in favor of newer theories Yet Margin charges few students of mainstream economics understand or appreciate this shift Otto Eckstein. Warburg Professor of Economics says there is not much non Marxist radical theory Few mainstream economists would dispute Eckstein's assertion, and most in the field have labelled Marglin a "Marxist...
...some of the Faculty, liked and respected him immensely. Marglin said at the time that he thought most members of the Department were not "capable of appreciating or judging the quality of work on an alternative model with which they are at best superficially familiar and almost totally unsympathetic. "Eckstein, however, says the department can evaluate a candidate's work in any part of the economics field. About the decision nine years ago, he adds. "Bowles could only have been appointed on the grounds we needed a radical economist. "He cites Bowles insufficient body of research up to that time...
...driving the economy steadily lower since last December. Week after week, in wave after wave, companies have been emptying warehouses, trimming stockpiles and cutting back on orders from suppliers. This was the major cause of the 3.9% drop in the gross national product during the first quarter. Says Otto Eckstein, chairman of the Data Resources Inc. economic forecasting firm: "The most significant factor behind the economic decline during the past three months has overwhelmingly been business's huge liquidation of inventories...
...continue dropping indefinitely, the March decline was not simply some statistical aberration. It came after nearly half a year of steadily sliding inflation. Instead of the vicious cycle of ever higher costs, the economy has now entered a virtuous cycle of declining inflation. Says Data Resources Chairman Otto Eckstein: "We still have not seen the full impact of declining mortgage rates turn up in the CPI figures. Consequently, I expect to see at least one or two more months of deflation this year...
...1970s may really have been broken-although it took an exceptionally severe recession to finish it off. The drop in inflation, says Walter Heller, chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson, "is in good part a fundamental change, a structural change." Adds Otto Eckstein, a member of TIME's Board of Economists: "Sure, if the economy picks up, there might be some acceleration in inflation, but it should not be anywhere near double-digit levels. Barring any new disaster in the world, I think we have eliminated double-digit inflation...