Word: economists
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Dates: during 1970-1979
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...department's decision to hire Lazonick was the product of ongoing student pressure for the inclusion of radical economists and radical theory to rival the neo-classical teaching that often merely supplies theoretical justification for the present economy and social structure of such professors as Dunlop. Duesenberry and Caves. Formally, Lazonick's hiring was the fulfillment of a pledge made last April to hire one economist interested in "social problem" for 1975-76. This decision, in turn grew out of the recommendations made early in 1974 by a curriculum review committee, chaired by professor Kenneth J. Arrow...
Sealed Bids. One vocal critic of the Kissinger floor plan, Economist Arthur Okun, argues that the consuming nations can best cope with OPEC by bargaining with them individually. If the consuming nations were to insist on, say, taking sealed bids for their oil-import needs, Okun says, some OPEC nations would be sure to start breaking the price line sooner or later. In any case, Okun worries, if the consuming countries try to deal with the producers as a bloc they might just "solidify the position of OPEC as a bargaining agent for its member nations...
...rich lands like Saudi Arabia, Kuwait and the United Arab Emirates are clearly less capable than countries like Iran and Venezuela to buy up Western exports, but they have been funneling loans and grants to other, more crowded Arab nations eager to join the shopping spree. Says Yale Economist Richard Cooper: "Once you start giving to Egypt, there's a lot of money that can be spent." The industrial countries, which are generally short of capital, could use OPEC surpluses invested in their economies to create additional goods and services for export...
There are, however, reasons to question the notion that the oil producers' surpluses will stop growing soon. Economist Rimmer de Vries, editor of the Morgan Guaranty study, forecasts a 20% average annual rise by volume in imports by OPEC countries. But as the volume of imports grows, such a rate might well become increasingly difficult to sustain, especially for countries with primitive domestic economies. Armaments made up about one-tenth of imports last year. Shipments of war materiel cannot continue to increase -unless the selling nations are willing to take even graver risks that a conflagration will erupt...
...handicaps that led to his downfall had helped keep him in power. After ten years of Heath's lofty exercise of party leadership, the Conservatives were left without anyone of even vaguely comparable experience or stature to turn to. In a recent pro-Heath editorial, The Economist magazine labeled all of Heath's Tory colleagues "pygmies"-adding that Heath had made them so. In a sense, anyone who toppled Heath would have had to be a dark-horse candidate...