Word: economists
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Dates: during 1970-1979
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...well. Saudi Arabia distributes about 7% of its evergrowing G.N.P. (estimated at $66 billion in 1978) to less privileged Muslim states in the form of low-cost loans and gifts. By comparison, U.S. foreign aid last year amounted to only one-third of 1% of G.N.P. Mahbub Haq, an economist with the World Bank, foresees a billion-dollar World Muslim Foundation, financed by oil-rich Middle Eastern states, that will organize and provide aid for poor Islamic nations that adhered to the faith even during its years of ebb and decline. Says he: "The Muslim countries need their own OECD...
...numbers on oil industry balance sheets are always bogglingly big. In 1978, according to Data Resources Inc., the research firm headed by Democratic Economist Otto Eckstein, the revenues of U.S. domestic and international oil firms totaled a staggering $346 billion; the after-tax profits totaled $15.6 billion, which was more than three times the earnings of all U.S. auto manufacturers. Still, by any yardstick, oil company profits are not out of line with those in other U.S. industries...
...handful of witnesses before the committee were divided. Nobel Laureate Paul Samuelson, a leading liberal economist from M.I.T., argued that a budget-balancing amendment would be "suicidal [because] economics is so inexact a science and the future is so unpredictable." Conservative Economist Arthur Burns, the former chairman of the Federal Reserve Board, counseled Congress to enact a law requiring a balanced budget "and then, if it works well, take the constitutional route." Another conservative, Alan Greenspan, former chairman of the Council of Economic Advisers, "with great reluctance" conceded that some form of amendment is "the only way in which...
Kenneth J. Arrow, Conan University professor and a Nobel prize winning economist, said in a letter last month that the Corporation's estimates of both the long and short term costs of divestiture are too high, although "there is necessarily a wide degree of uncertainty about predicting effects of any stock market transactions...
Murray Weidenbaum, 52, economist, St. Louis. He has been putting his money into short-term securities like Treasury bills. When interest rates peak and start declining, he plans to shift into three-to-five year Treasury notes and perhaps municipal bonds to lock in the higher rates. Less than one-quarter of his assets are in stocks. Says Weidenbaum: "I have been the typical small investor who gets burned repeatedly. I have had a diversified portfolio of lemons...