Word: ecksteins
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...says Otto Eckstein entrepreneurial economist, "how many clients are speaking with our computer at this moment." The good doctor presses a shiny gray key of a Burroughs 7700 computer, and out whirs the answer: 113. Then he touches another key, and the computer spits the names of those 113 paying customers. Among them are the departments of State, Treasury, Commerce and Justice and two dozen other federal agencies. Then there are Morgan Guaranty, Bank of America, Citibank and a score more banks, and American Can, Dow Chemical, Exxon, Shell, among many other industrial giants...
...scarcely eight years in business, Eckstein has recruited 520 such clients, including two-thirds of the 100 largest U.S. manufacturers, most of the big banks, and plenty of brokerages, utilities, state agencies and, increasingly, foreign governments and corporations. At any time of day, 70 to 120 of them are in dialogue -by way of long-distance phone lines -with the computer at Data Resources, Inc., of Lexington, Mass., of which Eckstein is cofounder, president and largest shareholder...
...questions put to DRI's computer range from economic esoterica ("What is the price of strawberries in Manitoba?") to the effects of broad economic trends on specific products ("How will the change in personal income for August alter the price of chlorine?"). Eckstein, a member of TIME'S Board of Economists, has the answers because he has built by far the world's largest bank of economic statistics-more than 3.5 million series of figures about the U.S. and 127 other countries. These data are constantly updated by his staff of 250 economists and analysts from...
With fees from these prophecies, personal consulting and other services, DRI's revenues rose 35% last year, to just over $17 million, and profits climbed 70%, to $1,502,000; they are growing somewhat faster this year. That has made Eckstein, at 50, probably the richest American economist. Since DRI went public last November, the shares have bucked the bear market and risen from $11.50 to $18 bid, giving Eckstein and his family a stake of more than $4 million...
...academician who did not go into business until he was more than 40. Born in Ulm, Germany, Eckstein fled Hitler in 1938, graduated from Princeton and in 1955 earned his Ph.D. in economics at Harvard, where, as he says in his fast-paced, slightly accented English, "I found a home." He has taught there ever since, except for 18 months in the mid-1960s, when he was a member of Lyndon Johnson's Council of Economic Advisers. (Professor Eckstein's popular course in freshman economics usually draws well over 800 students...