Word: economists
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Dates: during 1970-1979
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There is considerable skepticism, however, even in the U.S. Government, that economic retaliation of any kind will provide enough pressure on Iran to force the hostages' release. Confides a Government economist: "There may be a lot of wishful thinking by the Administration on this. Businessmen are very resourceful. Wherever there is a buck to be made, there is always going to be a sizable group of clever people who will get around an obstacle, even an outright embargo." U.N. sanctions against trade with Rhodesia since 1966 and against arms sales to South Africa since 1977 have posed no insurmountable...
Though advocates of continued price controls often dispute the point, evidence proves that rising gasoline prices reduce consumption. Studies by Economist Alan Greenspan and others show that when prices go up 10%, gas sales from 1.5% to 2% per licensed driver. Argues Greenspan, "It is clear that a very large part of the driving public consciously or unconsciously is quite sensitive to price...
...Economist Charles L. Schultze unwittingly hit the nail on the head [Nov. 19] when he referred to the "missing recession. It's out there somewhere, but nobody can find it." Our economic "advisers," who need to justify their self-fulfilling prophecies, will surely keep on trying until they do. Barbara J. Robbins Old Greenwich, Conn...
Even before that vote, however, Khomeini made it clear once again who was in charge. The victim this time was Foreign Minister Abol Hassan Banisadr, the bushy-mustached economist who had been in office just 18 days, and who had seemed to be relatively moderate, or at least flexible. He had tried to attend the U.N. debate. Said he: "We want to demonstrate how the U.S. ruled our nation during the Shah's regime." Despite such rhetoric, U.S. officials hoped that private talks in New York might make some progress. Banisadr also opposed any trial of the U.S. hostages...
Many measures of industrial activity are lower today than they were at the beginning of the year. Like theologians discussing how many angels can dance on the point of a needle, economists may argue tirelessly whether there really was a recession in 1979 and when it arrived. But there are many who echo Economist Murray Weidenbaum: "A year from now we will not be debating whether or not we had a recession. It will be clear...