Word: economisters
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Dates: during 1950-1959
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...Henry A. Kissinger, author of Nuclear Weapons and Foreign Policy (TIME, Aug. 26); Colonel George A. Lincoln, West Point social scientist; Henry R. Luce, editor-in-chief, TIME, LIFE, FORTUNE; Lawyer Frank C. Nash, former Assistant to the Defense Secretary (who died during the study); Laurance S. Rockefeller; Harvard Economist Arthur Smithies; Physicist Edward Teller; Aeronautical Consultant T. F. Walkowicz; Industrialist Carroll L. Wilson, former AEC general manager...
Businessmen found less cheery news on the credit front. Money was about as tight as in November, when the Federal Reserve Board cut its discount rate from 3½% to 3%, and there was a growing grumble of complaint about it. Last week Harvard Economist Sumner Slichter added his voice. Tight money, said he, is actually defeating the Fed's purpose of fighting inflation. Wrote Slichter in Business Scope, a biweekly published by professors: "The present recession is largely the result of overdoing credit restraint, and is causing us to consume valuable inventories of goods and to reduce...
...possibility of new talks with Russia. In Britain even the Times of London, voice of the established order, endorsed the idea of negotiations to determine "whether there cannot be some limited agreement affecting the type of arms to be stationed in Central Europe," and the conservative Economist followed suit...
...A.F.L.-C.I.O. summoned up its chief economist, Stanley Ruttenberg, and he called the Gray idea "ridiculous." Federation President George Meany accused Gray of adopting the "big business" thesis that wage boosts cause inflation, added that the wage-freeze idea is irrelevant to the current economic picture, because inflation has halted and a downturn has set in. Following the line of A.F.L.-C.I.O. economic orthodoxy, Meany argued that deflation is caused by a shortage of consumer purchasing power, and that therefore wage boosts are needed to combat the downturn...
...long run. With a lower credit rating, Fannie May pays an average 3.96% interest for the money it borrows v. an average 2.78% for the Treasury itself. The ceiling also costs the U.S. money in departments that have nothing to do with the Treasury. Said one Washington economist: "I've seen the Navy cut back a program because it was afraid to spend money during a pinch, fire trained workers, then hire new workers later on and train them all over again when the pinch was over...