Word: economisters
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Dates: during 1950-1959
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...suspicion is beginning to grow that there is something wrong with this idea. Down in Australia an eminent economist named Colin Clark has been studying high-tax countries (of which his is one). He finds that the effect of taxes changes when the tax bite rises above 25% of the national income. Taxation has always been considered deflationary, i.e., it saps up "excess purchasing power," and keeps demand from exceeding supply. Beyond 25%, however, Clark thinks that the tax bite is inflationary. The number of dollars in the national income increases faster than the amount of goods. Prices...
...Gotta. America's 42 million income-taxpaying fish of 1952 are, however, far from the starvation point. They never, they keep telling one another, had it so good. Around March 15, they suspect that they are living in a mirage. This suspicion is confirmed by many economists. A livelier witness is Miss Doreen Gray, no economist but a striptease artist who was performing last week at the Colony Club of Gardena, Calif...
Urgently, President Auriol cast about for a new Premier. His first choice: nimble Paul Reynaud, Premier of France during the collapse of 1940. An old hand at coalition building (he has been in & out of six French cabinets), Reynaud is also a top-notch economist...
...part of the predatory price-cutter," just as labor is protected by minimum-wage laws. Retorted the American Farm Bureau Federation's Matt Trigg: Such devices provide "an umbrella for the inefficient" and are inconsistent with a free, competitive economy. Echoed Q. (for Quentin) Forrest Walker, economist for Macy's: "The simple truth is that no group fights for price-fixing privileges except to make prices higher than they would be under free and open competition." Then Celler's group surprised everybody, delighted the Fair Traders. It also tentatively decided to okay a bill approving...
Texas' Wright Patman is sometimes slyly called "the leading economist of Texarkana" (pop. 25,000), his home town. No professional economist, Lawyer Patman, a champion of small business, nevertheless makes a gallant effort to fight his way through the jungles of Treasury short-term "paper" and Federal Reserve re-discount rates. Last week, Patman's critics adopted a more respectful attitude. Patman had just published the results (in two volumes totaling 1,302 pages) of a broad poll of experts on U.S. fiscal and monetary policy...