Word: ecksteins
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...Otto Eckstein, head of Data Resources Inc., a private forecasting firm, observes that the budget assumes the recovery will be kept going in 1977 by a bigger and faster surge in private demand, and particularly in business spending for new plant and equipment, than he believes will occur. David Grove, a nonpartisan vice president of IBM, agrees: "For the past two or three years, the economic and political situation has been so unstable that it is very hard for business firms to determine what degree of risk is prudent in any investment project." If the Ford budget is adopted...
Restraint v. Inflation. Actually, the liberals are confident that Congress will raise expenditures well above the Ford proposals. "This budget is unreal," says Eckstein. "I don't know of a single forecaster who is taking it seriously...
Part of the answer undoubtedly is that the public, in the words of Economist Otto Eckstein, is still "shell-shocked" by the severity of the recession that ended last spring. People seem to recognize, accurately, that years will be required to repair the damage to the jolted economy. In addition, the consciences of people who are working have been assuaged by the knowledge that...
Moreover, warns Eckstein, if a nation frustrates the ambitions of large numbers of people to work, "you destroy social cohesion." The black who wants to hold a steady job, the woman who wants to use her training and talents outside the home, the teen-ager who longs to start supporting himself, could, with some justice, feel bitter against an economic system that confines them to, at best, in-and-out roles in the labor market...
...Eckstein, founder of Data Resources Inc. (DRI), one of the nation's largest economic forecasters, is not officially associated with NEEP, a non-profit group concerned with New England economic projection...