Word: ecksteins
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Economics 10 "is in better shape than last year" despite the large enrollment, Otto Eckstein, Warburg Professor of Economics, said. "We have 33 sections as opposed to 28 last year...
...other economists expect only a kind of pause. Otto Eckstein, president of Data Resources Inc., a forecasting firm, offers a precise computerized prediction: the growth of real G.N.P. will slow from 3.9% in the current quarter to 3.2% in late 1978, 1.9% in the first quarter of 1979 and 1.1% from April through June next year. But then it will pick up enough to produce a growth rate of 3.1% for all of 1979; that would not be far below the 3.9% expected this year, and is probably about as much as the economy can afford without generating even worse...
...board's forecast assumes some temporary increase in unemployment next year?perhaps to 6.3% or 6.4% next summer, in Eckstein's view ?from last month's relatively cheering rate of 5.9%. Also, the slowdown will do little if anything to temper inflation, which is expected to average 8% this year as measured by the Consumer Price Index. Robert Nathan, who heads an economic consulting firm in Washington, thinks the rate may come down a point or so next year, but he is the board's optimist. Sprinkel believes inflation may actually worsen a little next year; the others...
...spending and money-supply policies aimed at spurring investments. As a result, he believes, the U.S. and other industrial powers have a good chance of coming out of "the malaise of the 1970s" into a long era of moderate but steady and less inflationary growth in the 1980s. Eckstein foresees some danger, but a rather pleasant one. Once the slowdown is over, he thinks, the economy will expand so rapidly through 1980 that by early 1981 "a safely re-elected Carter Administration"?or its successor?will be faced with the problem of slowing it down again...
...Eckstein said Lipsey and Steiner had vastly improved the macroeconomics section of their textbook, while Samuelson refused to correct the defects in his books pertaining to microeconomic theory...