Word: ecksteins
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...gold advocates have won few converts among leading economists. Opponents argue that a gold system would be far too rigid for the modern international economy. Says Otto Eckstein, president of Data Resources...
...what good is a well-informed professor if he is never around for students to speak with? Otto Eckstein, Warburg Professor of Economics, who set up Data Resources Inc. and adopted half-time status in 1973 to work at the firm, acknowldges the tradeoff involved when a professor consults. "There is a loss; professors are not as findable," he says...
Despite the risks, real or imagined, extensive or miniscule, Eckstein and others believe that a University that allows its professors to consult will ultimately profit. "Suppose Harvard took a different approach and didn't allow any research," he says. You would not have people on the frontier of the sciences." Griliches concurs, noting. "You could say, 'Too bad, you have to stay home.' But would you be better replacing people in high demand by people without opportunity...
...keeping the supply tight to avoid a repetition of last year's experience, when the money flow was sharply increased and the prime rate dropped from 20% to 10.75% in less than four months. That sudden decline led to a new burst of growth-and of inflation. Economist Eckstein thinks that the Federal Reserve may finally have mastered the delicate art of monetary control. "We have just had the first re-entry from money explosion perhaps in history," he marvels. "It really looks as if the Fed was able to bring the money supply under control without killing...
...economy's vitality was the preliminary figure for the gross national product in the first quarter. Administration officials project an increase in the G.N.P. at an annualized rate of 5%. Although few forecasters expect the economy to maintain that relatively torrid pace throughout the year, Otto Eckstein, president of Data Resources, a business consulting firm, believes that the first quarter's results were a sign that the economy may slow down but will not contract this year. Says Eckstein: "I don't see any negative quarters...