Word: economists
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Dates: during 1970-1979
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...annual rate of 1,800,000 units (see chart). That was the biggest monthly drop since the Government began tabulating figures on permits more than 80 years ago. "The widely predicted end of the housing boom of 1971-72 has finally arrived," declares George A. Christie, chief economist of McGraw-Hill's Dodge division, which compiles construction statistics. "The housing market has nowhere to go but further down...
Precisely how much further down is of course the question of the day in the building industry. Most economists expect that a continuing decline will keep the number of new houses and apartment units started this year to about 2,000,000, roughly the rate that builders figure can be maintained over the long run. Economist Michael Sumichrast of the National Association of Home Builders believes that the construction slowdown will bottom out in the middle of next year, at an annual rate of 1,600,000 units, and then gradually reverse itself. If the slump does in fact...
...been unable to hire a dean of the college. Last spring the job was offered to Peter Conn, an associate dean at the University of Pennsylvania. He declined after being held captive in the College Inn for several hours by dissident students who preferred another candidate, Black Marxist Economist Kenneth Mills of Yale...
...surge of modernization and expansion. The latest McGraw-Hill survey shows that corporations plan to spend $105.5 billion for new plant and equipment this year, a leap of 19% over last year, and about 5% higher than the Commerce Department was predicting two months ago. In plant investment, says Economist Walter Heller, "we have gone from an expansion to a boomlet to a boom." It should be restrained, he says, by suspending either the investment tax credit or the accelerated depreciation allowance...
Administration economists claim that the Government already has done all that will be necessary to cool the boom gently, by holding down the growth of credit and federal spending. Herbert Stein, chairman of the Council of Economic Advisers, is confident that the frenetic growth of the last two quarters will slow as the boom itself causes more tax money to be siphoned out of the economy (income tax collections grow automatically as pay and profits swell). Shortages of credit and climbing interest rates, in Stein's view, will cool the enthusiasm of businessmen wanting to borrow for further expansion...