Word: economists
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Dates: during 1970-1979
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...first place. All the gains would evaporate at once; prices would rise sharply to make up for the hold-down, and wages would jump to keep pace. The federal official charged with special responsibility for Phase 2 is Herbert Stein of the Council of Economic Advisers, an outspoken economist who was a vigorous opponent of wage-price regulation only a few months...
ARNOLD WEBER, executive director of the Cost of Living Council, is acting as policy and planning coordinator, overseeing the council's staff of about 40. A wry, 41-year-old labor economist, Weber is a protege of George Shultz, the Administration's director of the Office of Management and Budget; he worked for Shultz as Assistant Secretary of Labor for Manpower. Weber had already packed his family off and was preparing to return to his University of Chicago teaching post when he was tapped for the council job. "We froze my leave of absence," Weber says...
Before joining the Council of Economic Advisers, Stein was chief economist for the Committee for Economic Development, an organization of business leaders. He is the author of The Fiscal Revolution in America, an elegantly written study that reflects among other things a distaste for economists who confuse rhetoric with action. In his present job he will need both...
...engaging in L.B.J.-style jawboning with business and labor chiefs. Instead, Nixon decided to start out tough. One benefit of this policy will be that when the President finally feels prepared to ease the freeze, guidelines and jawboning will seem a welcome relief. Says Ted Eck, chief economist for Standard Oil: "The freeze is sort of like putting people in jail so they can see how it feels...
NEIL JACOBY, former member of the CEA (1953-55). "I'm for a review board. It should tie wage hikes to increases in productivity, and should have the power to force compulsory arbitration." PAUL SAMUELSON, M.I.T. economist. "I'm in favor of a much more activist incomes policy than President Nixon has been willing to take, but I stop short of mandatory price controls. I'm for jawboning, for moral suasion. To hold down prices, I would let in more imports, and I would use Government procurement policies...