Word: economists
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Dates: during 1970-1979
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That heresy shakes the almost reverential respect accorded by the profession to Britain's late John Maynard Keynes, the century's most influential economist. The belief of Keynes's disciples that governments often could manage economic affairs as efficiently and effectively as free markets themselves has been rejected by the accumulating research of the new economists...
...almost 40 years the formula worked. Increased Government spending stimulated demand; companies hired more workers to meet the demand; then employees spent, bringing forth more demand and more production, and the virtuous cycle continued. But, says Economist Arthur Okun, long a Keynesian Counsellor to Democratic Presidents: "We were victims of our own success and a good press...
...half as much as in France, West Germany and Italy and less than a quarter as much as in Japan. In 1950 it took seven Japanese or three German workers to match the industrial output of one American; today two Japanese and about 1.3 Germans do as well. Says Economist Arthur Laffer: "The U.S. is the fastest 'undeveloping' country in the world...
Department of Agriculture economists contended that the Soviet sales would not lead to a repeat of the 1972 episode, when the Soviets secretly bought nearly 20 million metric tons of U.S. grain and sent domestic food prices through the roof. Under a bilateral grain treaty, the Soviets cannot buy more than 8 million metric tons unless the U.S. has extra supplies. Since stockpiles are ample and a near record harvest is in view, the department's chief economist estimated that the huge Soviet purchases would add only .2% to the cost of living index...
DIED. Rexford Guy Tugwell, 88, liberal economist who, as a member of Franklin D. Roosevelt's "Brain Trust," masterminded many of the New Deal's reforms; of cancer; in Santa Barbara, Calif. Tugwell was a professor at Columbia University when recruited to assist Roosevelt, then Governor of New York, in his quest for the presidency. Appointed Assistant Secretary of Agriculture in 1933, he became one of F.D.R.'s most powerful advisers, supporting sweeping social welfare programs, tough Government regulation of industry and subsidies to farmers for not planting surplus crops. Appointed Governor of Puerto Rico by Roosevelt...