Word: ecksteins
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...Otto Eckstein, Warburg Professor of Economics, said the current inflation rate is the result of rising energy costs and "driving the economy too hard for 15 years...
Jimmy Carter's budget comes during a particularly troublesome economic period. The often ballyhooed mild recession that was supposed to slow price rises looks increasingly illusive. Some economists, including Harvard's Otto Eckstein and Washington Consultant Michael Evans, have withdrawn earlier firm predictions of recession and say that the economy may not decline this year. The Administration still forecasts a modest 1% drop in growth. Some indicators are surprisingly robust. Despite record high mortgage rates, housing is stronger than was expected. Says Kyle McMullin, a homebuilder in Bountiful, Utah: "People are getting used to the idea...
...Eckstein said Carter's moves are important because the "U.S. should adopt policies to affect the goals of the Soviet Union...
Although the Soviets "will not starve to death next year," they will "have to substitute chicken for beef and veal," Eckstein said...
...Soviet Union already has severe economic problems, and the progress of the Soviet people will now be set back even more," Eckstein said. "They may come to their senses and choose goals other than military adventurism," he added