Word: economists
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Dates: during 1970-1979
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...major and poorly understood force in world business, must somehow be responsible for the prevalence of such economic ills as high prices, unemployment and balance of payments hemorrhages. Such suspicions are being fanned by a new book, Global Reach (Simon & Schuster; $11.95) by Political Scientist Richard J. Barnet and Economist Ronald E. Müller, that is kicking up a considerable controversy...
...country, aggravating the payments deficit and eroding confidence in the dollar. In large part because interest rates in the U.S. are lower than in Europe the dollar lately has been depressed on world markets, and it remains undervalued. Observed Salomon Bros' Henry Kaufman, a leading Wall Street economist: "If the dollar continues to weaken, we may be forced to reintroduce currency restrictions such as the Interest Equalization Tax, or perhaps some other measures...
...Paarlberg, chief economist of the Department of Agriculture, figures that the bill would raise retail food costs this year by anywhere from $500 million to $1.2 billion. By the 1977-78 crop year, he estimates, extra payments to farmers under the new bill could cost the taxpayers as much as $7 billion...
Such a massive stimulus could prod the economy back to positive growth as early as June, says Economist Otto Eckstein, the chief of Data Resources, Inc. But Greenspan, Treasury Secretary William Simon and other conservatives fear that overstimulation will aggravate inflation just when it seems to be coming under control. They would much prefer the smaller, $22 billion tax-cut proposal, which they figure would be enough to bring on recovery soon after midyear. One dissenter to the mildly optimistic forecast is Arthur Okun. He reckons that even with a tax cut, recovery could be six months off-and perhaps...
Faster Recovery. Many economists wonder just how robust the recovery can be if unemployment hovers around 8% well into 1976, as President Ford's budget projects. David Grove, IBM's vice president-economist, foresees a "slow recovery"-so slow, in fact, that it will take until late 1976 for production to return to where it was in late 1973. But forces will be at work that could make the recovery move faster. Argus Research Corp., an economic-consulting firm, estimates that for each one-point decline in the rate of inflation, consumers get $10 billion in added purchasing...