Word: economist
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Dates: during 1950-1959
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Complaints about these, and countless other anomalies, pour into Washington each week. Last month GATT (General Agreement on Tariffs and Trade) censured the U.S. for restricting dairy imports by quota. The London Economist wrote: "The U.S. is seeking two worlds-one where it can sell its sur pluses freely, and another where no other country can sell farm products freely to it." Said an angry Japanese businessman: "The Americans tell us not to trade with the Communists, then they turn around and raise their duties on silk scarves. It doesn't make sense...
Gradually the case method swung the teaching of the faculty away from the broad view of the economist to that of the single businessman acting within the economy. The faculty continues to teach along these lines today...
Wheat & Rice. "Pakistan is moving away from democracy," commented the London Economist, "but no democrat who knows the facts would at the moment have it otherwise." The facts are that Pakistan is a "geographical monstrosity" that not only endures but somehow radiates a buoyant young confidence...
...trouble-is the best evidence that the economy is neither "stable" nor "stagnant," in the sense of being motionless. With such new industries as air conditioning and color television still in their infancy, and with new consumers being born at the rate of 10,700 a day, most economists believe that it would be difficult indeed for the U.S. economy to become stagnant. What has actually happened, in the view of Harvard's Economist Sumner Slichter and others, is that the U.S. economy has become so complex-and strong-that the parts no longer necessarily move in the same...
Auto Supply Down. Behind the new housing surge lay plentiful mortgage money, plenty of money in the bank (savings last month hit a new high of $25.5 billion), and that vital factor that no economist can assess, the willingness to buy. In the first half of 1954, said the Commerce Department, spending for personal consumption hit a new peak annual rate of $233 billion. The outlook for the rest of the construction industry also seemed bright. The Associated General Contractors of America polled its members (80% of the industry) and noted that building outlays of all types this year should...