Word: economists
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Dates: during 1970-1979
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...left-of-center ministers in his largely center-right Cabinet. Heading the Ministry of Industry is Socialist Charalambos Protopappas, who tried in vain to build a social welfare movement in Greece. George Magakis, a liberal academic who was imprisoned by the junta, is Minister of Public Works, and Economist loannis Pesmatzoglou, a former deputy governor of the Bank of Greece and an advocate of social democratic policies, is Minister of Finance...
Tilford Gaines, chief economist of Manhattan's Manufacturers Hanover Trust Co., predicts that rising food prices will keep living costs rising at a double-digit rate for the rest of the year, though he sees the pace slackening from close to 13% currently to about 10% by December. Says Gaines: "Except for 1946 and 1920, 1974 will probably prove to be the worst year in our history for consumer inflation...
...almost $36,000 in the past year. The industry's deepening slump is of critical significance because there has rarely been an economic recovery that was not paced by a surge in housing starts. Yet Michael Sumichrast, the National Association of Home Builders' chief economist, sees no relief in sight until inflation's back is broken...
...mass transit in the Communist countries are generally cheap, but prices for many items from cars to quality foods have long been set so high that they remain beyond the reach of most Russians, as well as Poles, East Germans, Czechs, Rumanians, Hungarians and Bulgarians. Says one Soviet economist ingenuously: "We do not have inflation - we just have high prices...
...Heilbroner's analysis of socio-economic systems, his treatment of socialism is also presented in extremely broad terms, as "the replacement of private ownership by public ownership, and the displacement of the market by planning." Socialism too is plagued by problems, especially the restriction of civil liberties. The economist's intention is to draw out the very basic underlying assumptions common to both socialism and capitalism and to try to predict how each will be able to deal with the three major challenges of the human prospect. At the very root, both systems rely on a "technological imperative," built into...