Word: economists
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Dates: during 1970-1979
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HAVING A SCHOOL of economics as a father is probably very difficult. As the son of the famous iconoclast economist Milton Friedman, David Friedman most likely faces great obstacles in establishing a distinct and separate reputation. Especially since he has chosen to write on the same subjects. But for David this will not be much of a problem. He writes with more than enough radicalism to build an independent reputation and make his father turn red (if that's possible...
United California Bank Economist Ray Jallow explains: "Consumers postponing purchases of durable goods have more cash to spend on leisure...
Says Paul McCracken, a top Republican economist who advises Ford: "Paradoxical as it may seem, the cause of longer-run price stability makes some easing of policies urgent now." McCracken believes that "if we do not get some easing now, the recession will be unnecessarily deep, and we would court the risk of a belated, massive swing to ease later that would set us off on another inflationary spiral by 1976 or 1977." McCracken still wants "a stern budget line," but he also wants a substantial easing of monetary policy...
What might make Ford agree to a tax cut? First, his political advisers might simply persuade him to override the objections of Treasury Secretary William Simon and Chief Presidential Economist Alan Greenspan, the two of whom an insider describes as "the hardest of the hardliners" on budget control. Second, there could be signs that the economy might not bottom out in the first half of next year, or if it does, that a recovery would be weak and slow...
...offs resulting from the "miners' strike"--indicating, apparently, that no one has lost his job due to the coal operators' recalcitrance--the initial response from Washington officials was, as The New York Times editorialist A.H. Raskin put it, "benign neglect." Members of the Executive Branch, including labor economist John T. Dunlop, coordinator of Ford's advisory commission on labor and management, stayed clear of the fracas...