Word: economists
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Dates: during 1970-1979
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...problems in correcting those troubles. The Allende government, by exhausting reserves of foreign exchange, boosting wages and subsidizing food prices to an unreasonable degree, bequeathed an inflation that totaled 842%. The junta's team of fiscal technocrats, many of them disciples of University of Chicago Economist Milton Friedman, have applied a tough austerity program that has let prices rise while holding down wages to keep demand in check. So far, Chile's inflation has come down to a projected 250%-300% for 1974. Still, the average laborer needs to work four hours to earn enough for a kilo...
...fellows are: Gloria B. Lubkin, senior editor of Physics Today; Michael A. Ruby, general editor of the business and finance section of Newsweek; Andres P. Drysdale, assistant to the editor of The Star of Johannesburg, South Africa; John J. Grimond, of the editorial staff of The Economist of London...
...easing in the rise of food prices dried up under summer's rainless skies, but the climate in other commodities markets is beginning to look more clement. Since the end of April, an index of prices for industrial raw materials compiled by London's influential weekly, the Economist, has dropped 32%; metals plunged 43%. Because of numerous other inflationary pressures, such as interest rates and wages, the drop does not foreshadow a fall in the prices of cars or refrigerators -though Manhattan's Tiffany...
Andrew Felton Brimmer, 47, was the Federal Reserve Board's Jackie Robinson. In 1966, Lyndon B. Johnson appointed the Harvard-trained economist as the first black among the board's seven governors. Brimmer used the job to disseminate controversial, exhaustively documented opinions on black banks (they were more a symbol of black achievement, he thought, than a meaningful source of capital for economic development), minimum-wage laws (they worsened black unemployment by hindering the hiring of unskilled ghetto teenagers) and black capitalism (it was doomed to remain marginal unless blacks could develop large businesses that could compete...
Princeton economist Richard A. Lester published a book this summer that voices the concerns of the anti-affirmative action camp. In it Lester argues that federally-imposed affirmative action programs constitute a serious government attack on the independence and integrity of academia. He also claims that the introduction of racial, ethnic and sexual considerations into faculty searches has led to a reduction in the overall quality of teaching staffs at universities all across the country...