Word: ecksteins
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Otto Eckstein, professor of Economics and a former member of the President's Council of Economic Advisers, said yesterday that the Economics Department would be "enchanted" to have Dunlop teach labor and structural economics since the Faculty has "few people who have a first-hand knowledge of the American economy...
Though no one really expects them to go under, Greenspan fears that the Federal Reserve, working through the Federal Home Loan Bank Board, may have to step in "to prevent actual bankruptcies" by bailing out shaky S and Ls. To Otto Eckstein, the lesson of the danger is that "it is impossible for the U.S., with its present economic system, to live with double-digit inflation...
...though the economists predicted some slowing of price increases, few saw any chance of bringing the rate for the full year below 10%. Greenspan predicts that retail prices will go up 10.4% for the year, making 1974 "the first calendar year of double-digit inflation since 1947." Eckstein frankly states that he can see "nothing but disaster" this year on the inflation front. He expects the consumer price index to rise 11.1% for the year and the wholesale price index to leap an incredible 17%. For length and severity, says Eckstein, the current U.S. inflation has already become the worst...
...worrisome enough. In the twelve months ended in February, prices in the U.S. climbed 10%, and in that month they were sprinting up at a compounded annual rate of more than 16%. Inflation in the U.S. now outpaces the rates in 18 other countries, a development that Economist Otto Eckstein calls "a major historical event." The sweep and intensity of the price rises are reducing living standards in the U.S. just as surely as a recession does. In February, though wage hikes had pushed dollar income to a record high, the average American worker's spendable income bought 4.5% fewer...
What is new is a tone of deeper worry than the economists were expressing at the end of 1973. Several concede that the economy could go down longer and deeper than they expect. While predicting a strong upturn at the end of the year, Eckstein volunteers that it may not happen. "It is possible that the economy will just keep on fading," he says. "Then we will be sitting here with the worst recession since 1958 and one that would be more worrisome because it would have gone on longer." Alan Greenspan, a Nixon adviser who does...