Word: economists
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Dates: during 1960-1969
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When Walter Wolfgang Heller was appointed Chief Presidential Economist early in 1961, John Kennedy urged him "to use the White House as a pulpit for public education in economics." Heller did-and Kennedy himself was Heller's first student. This book, Heller's first since he left the Administration two years ago for a $50,000-a-year income as a private consultant and professor at the University of Minnesota, is an admirable account of the political machinations that underlay the recent age of discovery in economics-and welcome not least because he writes with crispness, clarity...
...than-essential needs, from deodorants to wigs, but somehow, somewhere, products must appeal to genuine human wants. Yesterday's luxury is today's necessity, and tastes are real even if they are acquired tastes. "The biggest waste in our society is feeding grain to animals," says Harvard Economist Thomas Schelling. "We lose nine-tenths of the calories in the grain. As for the proteins, we could easily get all we need out of soybeans. But we like the taste of meat, and we can afford to produce it. Is this waste...
...choice-and his demand for a new car keeps many a Detroit factory worker busy and gives him enough money to buy a new car himself. "Buy now-the job you save may be your own" is only a slogan, but one that today's economists recognize as sound doctrine. "So we're making something that we only half need, but we've got people busy making, and people selling it," observes University of Southern California Economist E. Bryant Phillips. Fancy packaging may not be vital, but it can be useful, and housewives like it-enough...
...Caltech and M.I.T.-have reached new milestones, marking a time for them to reassess their roles and goals. Last week Caltech (enrollment 1,494) held a three-day scientific convocation to observe its 75th anniversary. A few weeks earlier, M.I.T. (enrollment 7,400) inaugurated a new president, Economist Howard Wesley Johnson, 44. As each school looks inward, it also stares across the 2,600 miles between Pasadena and Cambridge with what an M.I.T. professor terms "interested tension"-a polite phrase for one of academe's hottest and healthiest rivalries...
Partly for that reason, earnings are unlikely to expand quite so fast next year. When the full effects of tight money, suspension of the 7% investment tax credit-and possibly a corporate tax increase-appear on the balance sheets, says Humble Oil Economist Kenneth Lay, "pressure on profit margins will become apparent...