Word: economists
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Dates: during 1970-1979
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...look at Peru. Early this month the government signed a contract permitting the U.S.-owned Occidental Petroleum Corp. to explore for oil and split its finds fifty-fifty with Peru. The terms came as a surprise to oilmen, and may touch off a scramble among foreign companies. Says one economist: "Oil could be the rabbit in the hat for the Peruvian economy...
...Mirroring the consumer's caution, businessmen are also keeping a tight rein on expenditures. "The projection for plant and equipment spending for the year has even been revised downward," says Economist Edward Boss of Chicago's Continental Illinois National Bank and Trust. "That is unusual for a recovery period." Spending for inventories is also sparing. Total business inventories in May rose about $630 million, roughly the same as in April. The cost of borrowing is rising; last week the Federal Reserve Board lifted its discount rate to banks by 1% to 5%. Many forecasters now believe that...
Such a tax would, by its nature, be an economist's ideal: it would affect only those who can afford it. It might fractionally tone down today's price levels, and no doubt would be strenuously opposed by some art dealers and collectors. It would not solve all conservation problems, but it would contribute a precious measure of alleviation and diminish art's humiliating dependence on erratic charity. Most of all, it could mitigate the crushing sense of waste and meaninglessly flamboyant consumption that anyone who cares about art and its priorities is apt to feel...
...preliminary Government figure circulating in Washington last week indicated that during the second quarter of 1971 the annual rate of G.N.P. was only $20.4 billion higher than in the first quarter. That gain was only two-thirds of what the President had hoped for. One result, as Chief Presidential Economist Paul McCracken recently admitted, is that "the expansion is not yet moving fast enough to eat into unemployment." The jobless rate is a discouraging 6.2% of the work force and is likely to go higher as more Viet Nam veterans hit the streets...
Radical Changes. A non-Main Liner Philadelphian who worked for 14 years as a Federal Reserve economist before joining the bank in 1964, Bunting believes that radical changes, especially in corporations, are inevitable in the 1970s. "I'd just like them to be as evolutionary as possible," he says. Bunting can take some unusual stands, largely because he is, by most measures, a highly successful moneymaker. Since he has become president, the bank has increased assets from $2.7 billion to $3.9 billion. The Wall Street brokerage firm of Eastman Dillon has just issued an investment report that praises...