Word: economists
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Dates: during 1970-1979
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Among the energy optimists, the rosiest view is offered by Dutch Economist Peter Odell, who has concluded that world oil reserves, including deposits in deep sea areas and the polar regions, stand at 4,500 billion bbl., or seven times current proven reserves. That is also well above the Rand Corp.'s estimate, which puts the reserves within a range of 1,700 billion bbl. to 2,300 billion bbl. Odell argues that the size of some known fields has been greatly underrated, notably the North Sea and Orinoco Oil Belt, whose resources he believes are even "greater than...
SUPPORT THE DOLLAR. Everyone from Swiss gnomes to Brooklyn cabbies agrees that the dollar is grossly undervalued. It can buy much more at home than abroad. Says Yale Economist Robert Triffin: "I used to buy all my suits in Europe because they cost half as much as in America. Now the situation is exactly reversed, and I buy my clothes...
...turn away from floating rates. The Europeans are moving to set up among themselves rates that would diverge very little because central bankers would manage them. On the other side, the U.S. has steadfastly argued that only floating rates can avoid the old rigidity and periodic crises. But Princeton Economist Peter B. Kenen asks, "Can the U.S. be content with a monetary system in which we have no role except to complain that there is too much management of currency values, or would we be better off to participate in the management...
Daniel Brill, chief economist at the Treasury Department, was startled when his son phoned to say that he had lined up financing for his first house, which is in the Boston area. The cost: 9.75% mortgage interest-plus 2.5 points (a one-time finance charge). Admits Brill: "I gulped. I remember bitching when I had to give up my 4% G.I. mortgage...
SOME OF THE snarpest prickles from the Cactus Leftists have come from the Exploratory Project on Economic Alternatives, a D.C.-based, foundation-sponsored research operation. EPEA is headed by Gar Alperovitz, a highly-respected leftist economist who was even mentioned for Jimmy Carter's Council of Economic Advisers. Alperovitz's response to the wishful-thinkers was, "Thanks but no thanks...