Word: economists
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Dates: during 1970-1979
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...West Germany, Japan and the World Bank. Cairo officials insist that their country can remain solvent enough to maintain the huge food subsidies that are essential to Egypt's internal stability. "There is no chance we will face food riots like those of January 1977," a government economist said confidently. But with 30% inflation, a population explosion (2.58% annual birthrate) and limited foreign exchange, Egypt could still suffer severe economic damage from an intensified or even prolonged boycott...
...virtual witch hunt to find and name violators of the anti-inflation price guidelines. Staff members of the Council on Wage and Price Stability have said for weeks that they have been under orders to find someone-anyone-who is breaking the guidelines. Notes Jack Carlson, chief economist of the U.S. Chamber of Commerce: "The wage and price control program has been a failure, and they're looking for someone to blame...
More fundamentally still, the system of third-party payments may be the root of much medical inflation, but the old-fashioned alternative is a kind of rationing of medical care by ability to pay that the nation now would rightly find abhorrent. Says Rashi Fein, a noted Harvard medical economist: "Medicine is a social product like education. To ration health in terms of price is not the hallmark of a civilized society. You can differentiate between rich and poor with Cadillacs and yachts, but not with medicine...
...praising, encouraging and siding with 'foreign communist movements' as he would have been expected to do." Many of the accounts in the anthology had been published in South Korea without the objections of the government. Among the authors translated by Mr. Lee were Harvard China expert Ross Terrill and economist John Kenneth Galbraith. Galbraith described the essay in question, "The Chinese Economy Which I Saw," to Newsweek as "a straightforward and I would say highly uncolored description...
Many speakers also criticized the Kennedy-Metzenbaum bill for shifting the burden of proof. The U.S. Government would not have to prove that a proposed merger might hurt competition, but the company wanting to expand would have to prove that competition would actually increase. Economist MacAvoy suggested that this approach was little more than a power play to make it easier for the Government to prove its antitrust cases. But, he contended, "the burden of proof should rest with the Michael Pertschuks of this world." The FTC is already empowered to act as both the prosecutor and judge in antitrust...