Word: economists
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Dates: during 1970-1979
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...much of their existing plant lies idle. The statistics are not gathered by the Federal Reserve, which publishes them, but by McGraw-Hill, Inc., which matches production figures against an annual survey of the capacity increases planned by large companies in 18 industries. Clayton Gehman, a Federal Reserve economist, says that the figures should be "regarded with caution." He suspects that the true operating rate of U.S. industry is about 82% of capacity...
BERYL SPRINKEL, senior vice president and economist of Harris Trust & Savings Bank, Chicago...
DAVID GROVE, vice president and chief economist...
...much stronger objection is that an official price increase would tend to give gold a continued undeserved prominence in world finance. Most economists-and the Nixon Administration-believe that the role of gold should be reduced, or even eliminated, in any long-range overhaul of the international monetary system. Still, there are ways of managing a gold price boost so that it would be what Economist Arthur Okun calls "severance pay" for cutting the monetary tie to gold. The U.S. could couple an increase with a formal announcement that the Treasury would no longer buy or sell any gold; that...
...poker game with Europe and Japan on the surcharge, Treasury Secretary John Connally should quit while he is ahead. That is the opinion of TIME's Board of Economists. The most detailed explanation of the reasoning comes from David Grove, who speaks from the perspectives of both an international economist and an officer of one of the largest multinational corporations. He has been an economist in the Federal Reserve and consultant to several Latin American governments, and is now a vice president of IBM. He presents his views as an individual and not a spokesman for his company. Excerpts...