Word: economisters
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Dates: during 1950-1959
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...domestic policies of its Commonwealth cousins would show where a good part of the responsibility lies for the sterling area's ills. The government instructed Norman Robertson, High Commissioner to the United Kingdom, to put a discussion of those policies on the conference agenda. Explained one Canadian economist: "The balance of payment deficit must be stopped, and stopped permanently, and though it may sound hardhearted, that's something those countries have to work out for themselves." Canada, he added, expects countries like India and Pakistan to have deficits ("You can't tighten a belt over a shrunken...
...billion in paper stock values went up in smoke. As brokers jumped from their penthouses and amateur stock gamblers went to the wall, the U.S. began the calamitous descent into the Great Depression, the nation's most all-embracing crisis since the Civil War. For the world-famed economist, engineer and humanitarian who had confidently forecast the abolition of poverty before assuming the presidency seven months earlier, it was a blow scarcely to be endured...
...would be foolish to take comfort from this fact: Russia devotes about three times as much of its total production as the U.S. to heavy (i.e., war-supporting) industry, and can convert from peace to total war production far more quickly and ruthlessly than the U.S. can. Comments the Economist: "It looks as if the Russians are planning not for peace or for war, but for what the West calls cold war . . . From the point of view of the Soviet rulers, the cold war is probably the ideal planning situation, for just sufficient tension can be maintained to justify...
...Johns Hopkins' well-financed campus, says Economist Long, an average professor earned $5,700 in 1940. With a salary of $7,975 today, he gets only $4,154 in terms of pre-World War II dollars. Says Long: "The decline in purchasing power of 27%-before a single per centum is deducted for income tax-would outrage anybody but a teacher...
Died. Frau Elly Heuss-Knapp, 71, wife of Theodor Heuss, President of the West German Federal Republic; after long illness; in Bonn. The daughter of Economist George Knapp, she founded the first evening school for women in Strasbourg when she was only 19. When the Nazis burned her husband's books and banned him from teaching in Berlin, Frau Heuss-Knapp supported the family by writing jingles for soap...