Word: economists
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Dates: during 1970-1979
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...full costs of federal regulation are difficult to determine and open to bitter dispute. One of the most widely accepted estimates has been made by Economist Murray Weidenbaum, head of the Center for the Study of American Business at Washington University. He divides the costs into two categories. The first is administrative costs, which consist of visible federal spending on regulatory agencies. These have rocketed from $745 million in 1970 to $4.8 billion this fiscal year. Large as this is, it only hints at the real burden...
...devices to clean the air and protect workers rather than on modern machinery that will produce goods more cheaply and efficiently. While that may appear to be an acceptable tradeoff, it leads to fewer jobs for the unemployed and fewer technical discoveries that will benefit the nation. Yale Economist Paul MacAvoy estimates that the shift of investment from productive projects to programs mandated by regulation has cut the growth of the U.S. gross national product by one-quarter to one-half of a point every year since the early 1970s...
Since the 1960s, the average annual increase in the nation's productivity has fallen from 3% to about 1%, and the blame lies partly with excessive regulation. In a landmark study, Economist Edward Denison of the liberal-oriented Brookings Institution calculated that environmental, health and safety regulations cut 1.4 points per year from U.S. productivity growth between 1967 and 1975. "There can be no doubt," says a study by the President's Council on Wage and Price Stability, "that much of the productivity collapse in mining and in utilities can be attributed to social legislation that protects...
...reason: mortgage interest rates already average more than 10% nationwide, and may have to climb as high as 11% to stay roughly in line with other rates; but in states containing just under half of the U.S. population, usury laws limit many mortgage lenders to 10% or less. NAHB Economist Michael Sumichrast believes that these lenders, unable to earn a competitive interest rate, will simply stop making house-buying loans...
Time managed to overlook one USDA study conducted by economist Frank R. Baily. He comments that "we are so conditioned to equate bigness with efficiency that nearly everyone assumes that large-scale undertakings are inherently more efficient." But after a survey of farms in different regions of the country, he concluded that most economies of scale "are achieved by the one-man fully mechanized farm. While the most efficient farm size has increased in the last decade, due mainly to tractor improvements, this 1973 report found that most farmers need a much smaller acreage and capital investment than Pat Benedict...