Word: economists
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Dates: during 1970-1979
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...there is growing doubt that the President's present economic team, led by Shultz, CEA Chairman Herbert Stein and COLC Director John Dunlop, can deal effectively with the difficult problems ahead. Says Economist Pierre Rinfret, a Republican and an influential adviser to Nixon: "Shultz and Stein are incompetent. They are a disaster. All they have demonstrated is the ability to lurch from one short-term solution to another." The assessment is overly harsh, but it does reflect a wide frustration inside and outside the Administration with repeated failures to bring the economy into line. Phase IV could well...
...meatpackers closed down, and food processors slowed production. Beef production could drop 2% this year; earlier it had been expected to rise 3.5%. Pork production is likely to dip by 3%, and output of broiler chickens is running 1.5% behind last year's pace. Says Don Paarlberg, chief economist of the Agriculture Department: "There will be fewer eggs, smaller supplies of fresh fruits and vegetables. Milk production will probably fall off, and there will certainly be fewer canned goods, less margarine and flour...
...surprise was the rebound in housing starts in May, after a three-month slide from unsustainable peaks. Starts last month jumped a startling 15.5%, to an annual rate of 2.4 million. Housing experts termed the increase an aberration. Says Michael Sumichrast, chief economist of the National Association of Home Builders: "It isn't a question of whether housing activity will slow down-it's a question of how deep the downturn will...
PARTIAL DECONTROL A move toward voluntarism in which Phase ll's yardsticks are loosened. The Cost of Living Council, with Labor Economist John T. Dunlop of Harvard as chairman, again handles enforcement of both wage and price rules. Compliance is progressively less complete, especially on price increases, with little objection from COLC...
...Coleman, 51, a former Ford Foundation executive and now president of Haverford College, to break what he calls "the lockstep"-the educational process that leads in a straight line from kindergarten through graduate school, and often onward into the walled-in offices of academia. Coleman is a labor economist (among his books is Labor Problems, 1953), but the idea of actually going out and doing physical labor first occurred to him three years ago when he heard about the clash between hardhat construction workers and antiwar student demonstrators on Wall Street. "That terrified me," Coleman recalls. "I began...