Word: economists
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Dates: during 1960-1969
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Less extreme pessimism is being expressed even by some minority voices within the Government. Treasury Economist Herman Liebling has warned in a confidential memo that prices could rise as much as 6% next year. His reasoning: labor productivity is likely to drop while wages keep rising, intensifying cost pressure on prices. J. Dewey Daane, a member of the Federal Reserve Board, expressed doubt that price increases will slow to a "tolerable" rate even by the end of 1970, despite the Board's tight squeeze on credit...
Such glum speculation about electric cars is brightly optimistic compared with the realistic analysis of Economist Bruce C. Netschert, director of National Economic Research Associates. He bluntly points out that the U.S. economy is geared directly to the mighty internal-combustion engine. Conversion of the nation's 101 million vehicles to electricity, even if possible, would cause nothing less than an economic trauma...
...policy of good partners,' " the initial reaction from Latin America was distinctly mixed. Said former Argentine President Arturo Illia, who was deposed by the military in 1966: "It is a concrete diagnosis, but not a cure. The situation is more serious than is expressed by Nixon." Brazilian Economist Roberto Campos was pleased with Nixon's approach, which was less condescending than past U.S. attitudes. "The U.S. today is much less certain that it understands the realities of life in Latin America," said Campos. "That is a healthy recognition." More characteristic, however, was the complaint aired by the Chilean...
...Have Bananas. Shultz is the first economist to become Secretary of Labor, a post usually assigned to lawyers. He labors hard himself, arriving at his desk at 7:30 a.m. and often returning to work in the evening, with occasional time out for tennis or golf. Once he beat A.F.L.-C.I.O. President George Meany by ten strokes (80 to 90). Son of a New York Stock Exchange official, Shultz graduated from Princeton in 1942 with an honors degree in economics. During World War II, he was a major in the Marines. He earned a Ph.D. in industrial economics at M.I.T...
According to Webster's. however, a "bias" is a "prejudice," and if Bowles and MacEwan mean anything by their allegation it must be that the Western economist is not only predisposed against communist revolutions, but that the predisposition is indefensible. It should be observed, therefore, that such a predisposition might stem, among other things, from an awareness that communist societies too are, by all accounts, not especially attentive to "human costs of rapid growth" such as described. The predisposition might also reflect a concern for other "human costs" as well, human costs represented by, for example, the incarceration of millions...