Word: economists
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Dates: during 1960-1969
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...general monetary matters, Burns seems sympathetic to Conservative Economist Milton Friedman's theory that the Federal Reserve should expand the money supply at a fairly steady rate of 2% to 6% a year, depending on economic conditions. Friedman often debates economic policy with Burns on holidays in Vermont, where the two economists have vacation homes next to each other. Not surprisingly, Friedman hailed Burns' appointment as "splendid." Friedman admits, however, that "Arthur takes a long time to make decisions, and once he has made them, it is very difficult to get him to change his mind." Economist Raymond...
Burns will hardly have the trouble with Nixon that Martin had with Johnson. Burns is Nixon's favorite economist, and the saying in Washington is that "when Arthur talks, Nixon listens." The President has said that his choice of Paul McCracken to head the Council of Economic Advisers was made on the advice of "my good friend," Arthur Burns. It was Burns who also recommended Herbert Stein as a member of the three-man council and George Schultz to become Labor Secretary. His closeness to Nixon raises a somewhat ironic problem. The Federal Reserve is supposed to be independent...
...election were held now, the Tories would probably defeat Labor. The Conservatives' sharp drop in the opinion polls could even be good for the party, as London's Economist points out, "if its complacency is punctured." If it is not, the Tories could succeed in throwing away an election they once considered a sure thing...
What makes all the difference in this book is Galbraith. The sometime Harvard economist (The Affluent Society), novelist (The Triumph) and dancing partner of Jacqueline Kennedy is that rarity among diarists, a writer of first-rate prose. As a journal of his two years and three months as U.S. Ambassador to India (April 1961-July 1963), the volume is inevitably filled with history's largely forgotten and largely forgettable moments. But scarcely a paragraph is unredeemed by a flash of wit or a quietly neo-Machiavellian observation...
...became overwhelming in 1966, the rigid regime of Antonin Novotný hesitantly began decentralizing the economy while trying to maintain tight political control. After Alexander Dubček rose to power in 1968, he added the vital ingredient of political freedom and adopted a series of reforms proposed by Economist Ota Sik. As Deputy Prime Minister under Dubček, Sik initiated far-reaching decentralization and began rapidly to modernize the economy, particularly in consumer industries that had suffered from decades of neglect. Sik also hoped to get $400 million in credits from the West, a step that would have...