Word: economists
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Dates: during 1970-1979
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...Yale Economist Robert Triffin, a leading international financial expert and a member of TIME's Board of Economists, has observed that necessary international monetary reforms come about only as a result of crises. Now that the world has had the crises, it is time for the reform. The chaotic conditions of last week, if prolonged or repeated, pose a grave threat to international stability. The present monetary system served the global economy well for many years and helped to promote an enormous postwar expansion of world trade. But financial institutions, like any other, can stay healthy only if they...
...again to grow faster than its rate of inflation. But is real prosperity back on the scene? In some key parts of the economy, a state approaching prosperity has indeed returned, yet this year's first-quarter results were far from evidence of fast or full recovery. Says Economist Robert B. Johnson, vice president of Wall Street's Paine, Webber, Jackson & Curtis: "It's quite true that the economy is turning the corner. But one thing is sure-it isn't doing it on two wheels...
Major firms in the oil, tobacco, railroad and electronic industries scored profit gains as well. Still, the overall earnings growth is hardly spectacular, especially since it is computed against a bad first quarter in 1970. Alan Greenspan, a Republican economist close to the Administration, estimates that overall after-tax profits for the year's first three months rose only about 3.9% above those of a year...
...term interest rates again. Combined with interest-rate cuts that were recently made in several Continental countries, this should slow the flow of unwanted dollars into Europe. Still, the deep-seated problems about the dollar's role as the world's key currency remain unresolved. Says Yale Economist Robert Triffin, a prominent monetary expert: "We are in the middle of an agonizing reappraisal-and total revamping-of the international monetary system." No one will predict exactly where it will lead, but almost all experts sense some uneasy times ahead...
...other hand, the takeover of private corporations appeals to few Americans. "Government intervention is the problem, not the solution," says Economist Milton Friedman. "Has a nationalized Post Office worked well, or schools, or housing? The system we have is one of profits and losses, and the losses are just as important as profits." In other words, companies that cannot make it in the marketplace should drop out. A nationalized industry usually becomes a political plaything, not subject to the pressures for efficiency or the need for a profit. In addition, the ownership of defense companies is already so diffuse (stock...