Word: economist
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Dates: during 1960-1969
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...white systems analyst at the Pentagon. As a homeowner in a suburban development in Virginia's Fairfax County, Sullivan belonged to the residents' swimming club, which is called Little Hunting Park Inc. And in 1965, when he rented his house to Theodore R. Freeman Jr., a Negro economist at the Agriculture Department, Sullivan assumed that Freeman's lease entitled him to join the club. Instead, the club barred the Negro tenant. When Sullivan protested, the club barred him too. Sullivan was angry enough to join Freeman in fighting the case up to the Virginia Supreme Court...
...majority of economists outside Government believe that U.S. business still has enough momentum to avoid what would be the first recession in nine years. They point to such sources of strength as record capital investment. Still, businessmen have a sense of foreboding. That anxiety has been intensified by the bearish warnings of one economist who was once ignored and ridiculed, but whose views have lately had an important influence on Government policy. He is Milton Friedman, the leading iconoclast of U.S. economics. "We are heading for a recession at least as sharp as that in 1960-61," he warns. "There...
Though Paul McCracken is a socially sensitive man who fully recognizes the dangers involved, he argues on behalf of the Administration that "We have no alternative but to risk overstaying with policies of restraint." Economist Gabriel Hauge, chairman of Manhattan's Manufacturers Hanover Trust Co., agrees: "The nation has to run the risk of getting into a recession. We should not be afraid of overkill...
...inflationary recession." There is almost no way that the U.S. can avoid simultaneous increases in both prices and unemployment; the question is just how bad those rises will be. "Never has a U.S. inflation of the present intensity?5% to 6% a year?been controlled without a recession," says Economist Beryl...
M.I.T.'s Paul Samuelson, a leading Keynesian economist, has complained that Friedman's students are "brainwashed" because they cannot stand up to their teacher in classroom discussion. But nobody questions Friedman's popularity on the campus; in addition to his 30 regular students, another 100 drop in to his classes to listen. Some of Friedman's followers do take too literally the ideas that Friedman states in extreme form partly for shock value. "That is an effective device to get people's attention," Friedman admits. It also adds zest to economic dialogue. Samuelson says: "To keep the fish that they...