Word: economist
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Dates: during 1990-1999
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Sociologist Christopher Jencks of Northwestern University, anthropologist Katherine Newman of Columbia University and labor economist George Borjas of the University of California at San Diego will all join Wilson at the Kennedy School's Malcolm Wiener Center for Social Policy in the fall...
...number two spot, the Clinton Administration finds itself scrambling for an acceptable replacement. Chairman Alan Greenspan is expected to be reconfirmed in his job, but TIME's Adam Zagorin says President Clinton is fighting an uphill battle to fill the two open spots on the board with liberal economists who could counter Greenspan's fiscal conservatism. "It's unclear which Clinton nominees, if any, could pass muster with Al D'Amato and the Senate Banking Committee," says Zagorin. "Names in the air at the moment include Harvard economist Ben Stein and Princeton economist Peter Kenen." With Clinton's re-election...
...upshot: a business expansion that is at some risk of dying of old age (it began in March 1991) needs more stimulus than the Fed is giving it. Or so say many economists. Last week's tweak is "too little, too late," argues Allan Meltzer, professor of political economy at Carnegie-Mellon University. Says Irwin Kellner, chief economist of Chemical Bank: "A quarter point will help a wee bit, but it's going to take more than that to get this economy going." One signpost: house sales lately have been flat, despite a drop in mortgage rates...
...most economists still expect continued growth this year--and they do--that is partly because they think the Fed will cut interest rates some more. They further expect business spending for new plant and equipment and strong export sales to take up slack from consumers. Also, says economist Bernard Weinstein of the University of North Texas, "you don't have a recession in an election year...
Observers are not surprised that business is flourishing despite the ominous political situation. "It's one thing to posture, to fling your arms in the air," says Andrew Freris, an economist for Salomon Brothers in Hong Kong. "But trade goes on. Look at the figures, and you say, 'Crisis? What crisis?'" Unfortunately, as history shows, politics usually trumps trade when military passions are inflamed...