Word: ecksteins
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Whatever policy is adopted, it will not change the course of the economy much in the first six months or so of 1975. The pattern for early next year, says Eckstein, is "set in concrete" by trends already well under way. The latter part of the year, of course, will be decisively affected by policy actions made now. Still, assuming some easing of policy soon, the shape of next year's economy seems fairly clear-if dismal-to the Board of Economists. Their forecast in detail...
...been going down [to Washington, D.C.] to talk to committees for years now, and for once I think the politicians are starting to listen to the econometricians--there were six senators who showed up for the presentation instead of the usual one," Eckstein said...
Arthur M. Okun, senior fellow of the Brookings Institution, and Murrary L. Weidenbaum, professor of Economics at St. Louis's Washington University and a former Nixon administration assistant secretary of the Treasury, joined Eckstein in the budget committee presentation...
...headed for a recession so deep that there won't be tight markets and the trade-off will be between one per cent decreased unemployment and only one-half or three-fourths per cent inflation," Eckstein said...
There is no way to get inflation down to low numbers in one year "no matter what," Eckstein said, so the administration should take action to avert a disastrous recession...