Word: economists
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Dates: during 1970-1979
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...massive proportions of the Columbia deficit. But I think we are experiencing a process which has gone on at other universities and which was well described in great detail, with many graphs and figures, by the provost of Princeton, Bill Bowen, who appropriately enough is an economist...
...book contains only one reference to Galbraith by name, but it is a pregnant one. After the "prominent Harvard economist and wit" has made a cogent point to President Kennedy "in his amusingly ironic way" and then apologized for a gloomy prediction, Kennedy replies: "John, you can't scold us often enough, and as far as I'm concerned, you are both an Aristotle and a Jeremiah, a polymath and a prophet...
Businessmen may also feel confident enough to spend much more. After Nixon's speech, a top economist at Chase Manhattan Bank revised estimates for capital spending upward by a minimum of 20%, and leaders of many large corporations ordered complete budget reviews. Said Paul Oreffice, financial vice president of Dow Chemical: "Our budget for new plants over the next year could go up from its present level of $150 million to as much as $200 million." One major complaint was the one-year time limit on the maximum 10% credit. The incentive would have almost no effect during...
...Economists have far more serious doubts about the really stimulative parts of Nixon's package, particularly the substitution of business spending for public spending. As Economist Walter Heller notes, businessmen operating at far less than capacity and frequently at low profit are in a much less advantageous position to spend than are the nation's savings-flushed consumers. Moreover, the President may well have trouble persuading Congress to avoid allocating the funds from his budget cuts to other projects?and thus re-extend the danger of high deficit spending. On balance, however, the plan has a good chance of success...
THERE is a little joke going around in economic circles that at the time Henry Kissinger secretly went to China, Democratic Economist Arthur Okun was slipped into the White House by the back door and in disguise. His mission: to talk President Nixon into changing policy on inflation, jobs and the dollar. Indeed, the President's new package contains many ideas long advocated by Okun and the eight other members of TIME's Board of Economists. The board cheers Nixon's new activism. "It's a triumph in common sense," says Otto Eckstein. Walter Heller agrees...