Word: economices
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Dates: during 1960-1969
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THERE has always been an element of risk that Washington's efforts to control the worst inflation since the Korean War would tip the U.S. economy into a recession. The Administration's policy of gradual slowdown has been shaped to avoid any pronounced increase in unemployment. Though a few pessimists...
Businessmen see the signs of decline in their sluggish sales and softening profits. Investors discern the portents in falling stocks; the Dow-Jones industrial average has dropped 9% in the past five weeks to a three-year low. The Consumer Confidence Index, measured by the highly regarded University of Michigan...
Friedman, a 57-year-old economics professor at the University of Chicago, is still regarded by critics as a pixie or a pest, but he has reached the scholar's pinnacle: leadership of a whole school of economic thought. It is called the "Chicago school," and its growing band of...
Most economists also follow the teaching of Britain's late John Maynard Keynes, who articulated how changes in taxes and government spending can stabilize business cycles. The philosophy of Keynes, who died in 1946, has dominated the economic policies of industrial nations since World War II. Today's prevailing belief...
Milton Friedman's opinions have particular weight now because the Nixon Administration has placed great reliance on the policies that he prescribes to deal with the current inflation. Friedman was one of Richard Nixon's chief economic advisers during the election campaign. He did not seek a full-time job...