Word: economists
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Dates: during 1950-1959
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POLITICAL NOTES Water for the Elephant Farm Economist William G. Murray, 54, on leave from Iowa State College to take his first flyer at statewide office, wasted no time on temper last winter when Republican bosses studiously ignored his early race for Governor. "I haven't carried enough water to the Elephant," he acknowledged after a glance over the shoulder toward plodding Lieut. Governor W. H. Nicholas, who at 65 has spent more than a generation tending every breed of party animal. Genial Billy Murray, a Presbyterian six-footer with a scoutmaster's look of integrity and energy...
...economist, Sylvia Porter is sound enough to command the respect of the business community; as historian, she has an instinct for the larger trends too often buried under reports of day-to-day news. She has a genius for translating a snarl of statistics into down-to-earth realities. Her favorite phrase: "What does it all mean...
...have costs gone up so fast, and why does industry find it so hard to cut them? Last week Federal Reserve Economist Murray Wernick gave as his reason the fact that industry has exaggerated the gains in productivity credited to production-line workers. These so-called gains form the basis for wage boosts, and also lead industry to exaggerate the wages it can give without increasing costs...
Demand no longer sets the price of goods and services because, as Indiana University Economist Robert C. Turner points out, "prices are not related significantly to demand, but to costs. The price setting process has been shifted from the competitive marketplace to the conference table...
Harvard's John Kenneth Galbraith, 49. is an economist who has always found a wider audience than his less articulate colleagues. His American Capitalism: the Concept of Countervailing Power was a bestseller in 1952; some of its ideas went into the 1956 campaign speeches of Adlai Stevenson, which Galbraith helped write. This week, in The Affluent Society (Houghton Mifflin; $4), Galbraith published what he obviously intended to be a searching inquiry into the U.S. economy. Instead, it is a well-written but vague essay with the air of worried dinner-table conversation...