Word: economists
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Dates: during 1970-1979
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Despite the popular disillusionment with Phase II, many economists and businessmen believe that the program is generally pushing ahead toward its goal: to slow inflation-not stop it cold. Says Ray Jallow, economist for the United California Bank: "Without the program, inflation for the first quarter of 1972 would have been 4% or 5%; most likely, inflation will instead be kept at about 3% for the first quarter." Adds Arthur Okun, a member of TIME'S Board of Economists and adviser to several Democratic presidential contenders: "So far, I grade Phase II at a solid...
Making Work. The Administration is fighting unemployment with two major weapons. The President's fiscal '72 budget, with its $38.8 billion deficit, aims to create more jobs by stimulating the economy. But Brookings Institution Economist George Perry insists that the growing labor force will require a 71% real G.N.P. increase to hold unemployment below 5% by the end of the year. "It would take something that simply is not feasible-like a new war," Perry said...
...long been frustrated in finding a woman to work in top Government economic councils. Last week his talent search produced results. To occupy one of the three inner-sanctum seats on the President's Council of Economic Advisers, Nixon named Dr. Marina von Neumann Whitman, 36, an economist at the University of Pittsburgh...
...daughter of Mathematician John von Neumann, co-developer of the theory of games, the comely Mrs. Whitman graduated from Radcliffe with the top scholastic average in her class ('56), earned a Ph.D. at Columbia, and later settled in Pittsburgh. She worked for the council as a senior staff economist in 1970-71 and last October was named to the Price Commission. There she has proved a tough and highly capable overseer of Phase II prices; she argued strongly against allowing coal companies to pass along, through higher prices, all of the exorbitant wage hike for miners approved...
...prices might well show a "bulge" in December, the first full month after the freeze was over. They were right. For wholesale prices, the increase turned out to be .7%-a sharp rise but still less than the one that "I had been prepared to defend," said Chief Presidential Economist Herbert Stein. When the consumer price index for December was released last week, Stein still felt comfortable. The nation's basic cost-of-living measure rose .4%. Though high for a month, it showed that inflationary pressure pent up during the freeze was less than expected. Moreover the rise...