Word: ecksteins
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Such a massive stimulus could prod the economy back to positive growth as early as June, says Economist Otto Eckstein, the chief of Data Resources, Inc. But Greenspan, Treasury Secretary William Simon and other conservatives fear that overstimulation will aggravate inflation just when it seems to be coming under control. They would much prefer the smaller, $22 billion tax-cut proposal, which they figure would be enough to bring on recovery soon after midyear. One dissenter to the mildly optimistic forecast is Arthur Okun. He reckons that even with a tax cut, recovery could be six months off-and perhaps...
...inflation. The Administration claims that Ford's program would amount to a one-time 2% increase in prices. But the Democrats and many economists believe that his plan would create a ripple effect that would go on for years, adding more than 2%. In contrast, Harvard Economist Otto Eckstein, a member of TIME'S Board of Economists, estimates that the Ullman plan would add only .6% to prices by the end of 1976 and 2.1% by 1980. Still, for all of their differences on energy, there is enough common ground to allow Ford and Congress to work...
...much to inflation. After extensive computerized studies, Economist David Grove, vice president of IBM, concludes that an immediate tax cut of up to $30 billion would add no more than two-tenths of a percentage point to living costs between now and the end of 1976. Economist Otto Eckstein, head of Data Resources, Inc., calculates that a tax cut of that size would raise the cost of living through the end of next year by seven-tenths of one percent...
...price downtick is a classic consequence of recession and rising unemployment. Says Harvard's Otto Eckstein, a member of TIME's Board of Economists: "By now, even the most rigidly administered price structures are showing cracks under the pressure of weak demand...
...Means Committee hearings on President Ford's tax-cut proposals. His recommendation: deepen the rebate by several billion dollars. Arthur Okun, also of Brookings, and University of Minnesota Economist Walter Heller have both served as chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson. Otto Eckstein, Harvard professor and head of Data Resources, Inc., a Cambridge, Mass., think tank, is a former member of the council, and its current chairman, Alan Greenspan, is on leave from TIME's Board. Murray Weidenbaum, who replaced Greenspan on our panel, was Assistant Secretary of the Treasury...