Word: economist
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Dates: during 1980-1989
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...this context is it possible to appreciate fully the importance of the publication last week of A Common Destiny: Blacks and American Society, a landmark 588-page study by the National Research Council that strives to update reports by the 1968 Kerner commission and Gunnar Myrdal. Edited by black economist Gerald David Jaynes and white sociologist Robin M. Williams Jr., A Common Destiny represents the nation's most definitive report card on race relations in 20 years. And America has flunked...
...Some economists believe the slack period will be short-lived and will be followed by renewed growth, a scenario that has them searching for metaphors. David Hale, chief economist of Chicago's Kemper Financial Services, characterizes the slowdown as an "output pause." Geoffrey Moore, an economics professor at Columbia University, talks of a "stutter step." Economist Lyle Gramley, a former Fed governor, says that by late 1990 the slowdown may be followed by a period of "economic refreshment...
...first four months of the year, America's overseas sales grew at a healthy 15% annual rate, but fell 0.9%, to $30.5 billion, in May. Those who predict a soft landing see the one-month reversal as only a temporary setback; others are more troubled. Says Allen Sinai, chief economist of the Boston Co. Economic Advisors: "The trade-deficit report is yet another sign of the potential for a recession sometime within the next six to nine months...
Deborah Johnson, a senior economist for Prudential-Bache Securities, foresees the possibility of what she dubs a "couch-potato recession." Her scenario: well-off baby boomers, who have already purchased their compact-disc players and microwave ovens and typically have children to provide for, will spend more time at home and do less shopping. According to Prudential-Bache's Yuppie Consumption Index, these consumers cut their spending 2.4% in the period from December through...
...only a brief and relatively innocuous reversal like the one in 1961 rather than the painful contraction of 1981-82, when the unemployment rate averaged 8.7%. The current slowdown "is not a good thing, but it's the cost of a good thing," says economist George Stigler, a Nobel laureate and professor at the University of Chicago. Americans can only hope that if they pay now, they can fly again later...