Word: ecksteins
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Recession is a dirty word to politicians and one that even economists use with some trepidation, partly because it is difficult to define precisely (see box next page). Nonetheless, five of the nine members of TIME'S Board of Economists -Otto Eckstein, Walter Heller, Robert Nathan, Arthur Okun and Joseph Pechman-declare that the U.S. economy is heading into a recession, one that cannot be blamed only on the direct effects of the fuel shortage...
...Otto Eckstein, professor of Economics, predicted in testimony before a Senate banking subcommittee Wednesday that inflation this year will be the worst the country has experienced since...
...Eckstein, who was a member of the Council of Economic Advisers during the Johnson Administration, recommended that wage-price controls be extended under a new program after the current Economic Stabilization Act expires April...
...However, Eckstein added that even with controls the consumer price index will probably rise 8.9 per cent this year because of the energy shortage, rising wages, higher food prices, and industrial price increases...
Duesenberry said the wage-price program that Eckstein proposed would probably replace current control requirements with less-stringent review procedures. The new program would "cut off the extremes of wage settlements and price increases," while permitting moderate changes, he said...