Word: economists
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Dates: during 1970-1979
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...press a dramatic policy that would ask Congress for legislative ratification of the standards, deny federal business to companies violating the guidelines, and require 90-day prenotification on any important pay or price changes. But the President is most likely to follow the course recommended by Blumenthal and Chief Economist Charles Schultze: leave the 7% pay limit intact, and generally follow a moderate policy, while hoping that the coming (or perhaps already existing) recession will dampen inflationary fires. Asserted Blumenthal: "We are determined not to engage in dramatic action that would cause long-run problems...
Rich settlements for Big Labor can only widen the pay gap between its members, who have been gaining increases of 8½% to 9% so far this year, and nonunion workers, who have been getting wage-and-benefit increases averaging 7½%. Says Economist Audrey Freedman of the Conference Board, a private research group: "Managers who want to hold on to their best people are getting very uncomfortable with the disparity in pay between union and nonunion workers." Adds Economist Robert Nathan, a Washington consultant who has close ties to labor: "If unions' increases continue to be large...
When she got the job in 1975, Economist Rivlin, 48, an Indiana-bred Bryn Mawr magna who had labored 22 years at the left-listing Brookings Institution and in the bureaucracy, faced two hurdles. Many in Capitol Hill's chauvinist bastion gossiped that the Judy Garland look-alike would be, well, too feminist, too liberal. But she has proved that sex does not count in political economics, and her balanced judgments have made her popular even with conservatives...
...Administration last week also started phasing out oil price controls in an effort to stimulate both increased domestic production and decreased consumption. With controls loosening, U.S. prices will rise whenever cartel members post increases. Economist Okun figures that a $1 raise by OPEC adds $4 billion to U.S. prices and drains $4 billion from U.S. consumer purchasing power. Admits Inflation Adviser Kahn: "The standard of living is going down, and there is nothing that I can do about it. The question is how to divide the burden without tearing ourselves apart...
DIED. Neil Jacoby, 69, conservative economist who was dean of U.C.L.A.'s Graduate School of Business Administration and served on President Eisenhower's Council of Economic Advisers; of a heart attack; in Los Angeles. A free-market champion ("Adam Smith was the prophet"), Jacoby was warning about high inflation as long ago as the late 1950s, and argued that the proper cure was not controls but a curb on the red ink flowing out of Washington...