Word: economists
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Dates: during 1970-1979
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...Paul Ehrlich, in his 1968 book The Population Bomb, and the Club of Rome, in The Limits to Growth (1972), commanded wide attention with their predictions that the world faces catastrophe unless both economic and population growth is slowed. Such Jeremiahs have been roundly challenged, most recently by British Economist Wilfred Beckerman, whose book, In Defence of Economic Growth, argues that man has consistently underestimated the magnitude of the world's natural resources...
Revenue Sharing. Yet Alan Fechter, an economist with the Washington-based Urban Institute, concludes that a lump-sum $1 billion outlay would not create the 200,000 new jobs that Labor Secretary Brennan foresees, but only about 50,000. Local officials, he argues, tend merely to substitute the federal funds for state and local money that would have been spent anyway...
Even the word depression is appearing in discussion for the first time in decades. The Economist, a London weekly noted for judicious, unhysterical appraisals, predicts that the years 1974 to 1976 will probably be remembered as years of depression. In the U.S., a Gallup poll published last month found that 46% of adults feared a depression similar to the classic one of the 1930s. Oddly, such apprehension was more prominent among younger people, who have no personal memories of the disaster of 40 years ago, than among the middleaged...
...President likes to turn to trusted confidants for advice. So the unfamiliar faces of two old friends of Gerald Ford's have begun to appear in the circle of men with whom the President discusses economics. Like Ford, both are conservative Midwestern Republicans-and neither is an economist...
...inflationary recession in four years under the Nixon Administration? So far, the private National Bureau of Economic Research, the final arbiter in such matters, is suspending judgment. Other experts are less patient. Manhattan's First National City Bank calls the business decline "a pervasive recession." And last week Economist Michael Evans of Chase Econometrics, a forecasting firm owned by Chase Manhattan Bank, declared: "Not only is the recession here, but it will stay with us for the rest of the year...