Word: economisters
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Dates: during 1950-1959
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...think there is a single sacred cow you haven't kicked," said Illinois' Democratic Senator Paul Douglas to Harvard Professor Sumner H. Slichter last week. Belligerent, grey-haired Economist Slichter's cow-kicking had thoroughly be-dazed Douglas' Joint Congressional Economic Committee at the start of its large-scale inquiry into how to achieve economic growth without inflation...
Father of the expression is Dr. Gardiner C. Means, economist and author of The Structure of the American Economy. In 1935, while on the staff of the Department of Agriculture in Washington, Means published a study of price trends in the Depression to which he gave the title: "Industrial Prices and Their Relative Inflexibility." In it Means said that the classical Adam Smith laissez-faire free market, in which prices are set by a constant interplay of supply and demand, did not exist. In place of Smith's market-price theory, Means offered his administered-price theory. Said...
...Most economists of stature smile at the administered-prices argument. John Kenneth Galbraith, Harvard economist, author of the currently popular The Affluent Society, and in no sense an apologist for business, takes the line that a large amount of administered pricing is inherent in the modern economic system. Says he: "Those who deplore it are wasting their breath. The problem is to understand it and to live with it." The overlooked truth that Galbraith and others come back to is that businessmen today cannot operate on prices that run up and down like a boiler-room thermometer. They have...
...lists 30 to 40 members--including a dozen grad students--of whom 20 are "hard core." Its purpose is to study socialism as a body of thought which can be applied to many problems," said Jerry Shapiro '61 president. So far, attractions have included speeches by an "independent socialist" economist, and the editor of a Socialist newspaper...
...when she received her honorary degree, Barbara Ward--Lady Jackson in private life--had published her book Faith and Freedom and had just completed a term as Visiting Lecturer on Government. This year the noted corresponding editor of the Economist is back for her third spring in Cambridge. The visit is the result of a Carnegie Foundation Grant, administered through Radcliffe, making it possible for Miss Ward "to look into various aspects of economic assistance programs and their effectiveness in relation to American long-term policy." Work under the Grant causes her to divide her time between Washington, UN Headquarters...