Word: ecksteins
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Despite its difficulties, the U.S. seems well on its way out of recession. Most members of the TIME Board of Economists are concerned about the latest rise in prices and joblessness. But even such inveterate critics of Administration policy as Walter Heller, Arthur Okun, Joseph Pechman and Otto Eckstein are satisfied that recovery is about on schedule, at least for now. Says Okun: "If anything, people are revising the level of their forecasts upward from last summer...
...together, Otto Eckstein estimates, default would eventually cost the nation a disastrous $14 billion in lost production and 500,000 jobs. The effect would be greatly magnified if New York State followed the city into default-and unfortunately that is much more than a remote possibility. Basically, the effects of a New York City bankruptcy are immeasurable, since the situation would be unprecedented. But many economists believe the risk is too great to be worth taking. Says Heller: "No one knows how to judge a New York City default on a Richter scale of financial earthquakes, but we should...
...Eckstein, as president and founder of DRI, one of the largest economic forecasting operations in the world, is undoubtedly the emperor of the Harvard consulting network. What lies behind his success is the invention of a computer system which uses statistical analysis to predict economic outcomes. The firm became such a success that Eckstein found he could not run the company and maintain his academic committments, and worked out a special "half time" arrangement with Dean Rosovsky in 1972. Eckstein now teaches just Economics 10, "Principles of Economics," and a graduate course in economic theory...
...list of DRI clients "reads like a list of who's who in American business," the New York Times reported. Eckstein says that included in the more than 600 clients are Union Carbide, Harris Trust and Savings, Shell Oil, Morgan Guaranty Trust and Xerox. Some of the firm's government clients are the President's Council on Economic Advisors, the United States Treasury and the Canadian Ministry of Finance...
Though no one has yet matched Eckstein's success, by any other standards Harvard professors are doing remarkably well. The average Business School professor does about 20 days a year in outside work, Walter J. Salmon Jr. '30, associate dean for educational affairs at the Business School says. Business School professors earn a salary of about $100 an hour--about that of a top lawyer in a large firm," Salmon said. This means, Salmon adds, that the average Harvard Business School professor earns about $10,000 a year from outside work...