Word: ecksteins
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...that inequality is necessary to reward with high income the initiative that produces economic growth. They add that growth makes the poor if not nearly equal to the rich, at least better off than they would be in a stagnant economy that distributed wealth equally. According to Economist Otto Eckstein's summary: "Some injustice is inescapable if the system is to perform...
...more months and will come down slowly after that. Most board members expect a peak of about 9.5%. Robert Nathan guesses that it could hit 10%-and predicts that the unemployment rate will not go below 8% any time next year. Other board members are slightly more optimistic; Otto Eckstein forecasts a jobless rate of 7.7% by the end of 1976. Even that would mean that after a year and a half of recovery, the unemployment rate would be as severe as it was at the bottom of the worst previous post-World War II recession...
Republicans Beryl Sprinkel and Murray Weidenbaum insist that more fiscal and monetary stimuli would pep up the recovery only at the price of re-igniting inflation. The rate of consumer price increases has dropped from 12% in 1974 to 3.7% in March; that may have been a fluke, but Eckstein expects it to average 4% to 6% for all of 1976. Sprinkel, however, is concerned that a stepped-up recovery would send inflation up again in 1977, forcing the Goveminent to crack down on demand; that would cause production to fall and unemployment to rise once more...
...capitalism. "Their politics are quite consistent with their economics." Marglin say. Marglin doesn't think many economists were radicalized by the debate last month--"I didn't really expect to shake Otto's faith in capitalism," he laughs. But he does believe that the mainstream representatives--Duesenberry and Eckstein--"gave up a lot of ground to us...Of course, the terrain was very favorable to us--7 per cent inflation and 9 per cent unemployment...
...says that the bill is "an excellent beginning" and "substantially improves the prospect for a vigorous upturn in the second half of this year." He especially approves the bill's emphasis on helping less affluent taxpayers, considering it a historic shift by the Congress. Another board member, Otto Eckstein, also sees a healthy stimulus for 1975 but worries that there will be little continued impact in 1976. Most experts seemed to agree with the general view expressed by a third member of the TIME board, Arthur Okun: "It's just what the doctor ordered...