Word: economists
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Dates: during 1950-1959
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...every schoolboy knows, it was wildly inflated credit that brought on the 1929 crash. When consumer credit rose to a record $44.8 billion at the end of 1957, many an economist wondered uneasily whether history would repeat itself. Would credit, which had helped speed the postwar boom, bring on and accelerate an economic downturn? Now that the recession is waning, the answer is in. The credit structure not only surprised the experts but showed strengthening timbers that no one ever suspected...
...remarks in the foreword to one book, "I think the reader will find this a good-humored book. There is a place, no doubt, for the great polemic.... I would like to suppose I do not take myself so seriously." He laments the set-up in economics wherein "an economist who uses math and can't add is excluded from the field, while one who uses oral expression and can't write may be considered a competent scholar...
Among those superlatives descriptive of Harvard faculty members "tallest" is the uncontested property of John Kenneth Galbraith, professor, Democrat, world traveler--in all a very busy man. But most of all an economist whose concern with economics finds a great many outlets. For "like theology, and unlike mathematics, economics deals with matters which men consider very close to their lives...
...Chicago. Theses will be keyed to the U.S.S.R., e.g., Azrael's comparative study of industrialization's social effects in Russia and the U.S. University officials have promised complete freedom of study, and the Americans have been warmly accepted socially. In one friendly bull session, a U.S. economist had even tried to convince a horrified Soviet wrestling champ that Americans do not really hold maul-and-maim contests in which the object is to kill one's opponent...
...Federal Reserve Board last week demonstrated the kind of fiscal responsibility that Economist Reierson was talking about. Deciding that it was time once again to lean gently against the economic winds. FRB gave the San Francisco Reserve Bank permission to hike its discount rate from 1¾% to 2%, the first such credit-tightening boost in eight months. The other eleven Federal Reserve banks will probably follow suit soon, thus signaling that 1) the Fed agrees that the recession is over, and 2) it is on guard to make certain that the recovery proceeds in a sound, orderly fashion...