Word: economists
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Dates: during 1970-1979
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...they have also eliminated jobs for American workers at home, and this has increased pressure to block imports that further threaten American jobs. Now foreign investors are returning those jobs to the U.S., and that will make it more difficult for the U.S. to revert to nearsighted protectionism. Explains Economist Louis Wells of the Harvard Business School, an expert on multinationals: "When you've got a foreign-owned final assembly plant in the U.S., you can't cut off imports of parts as easily...
...growth of payrolls has been far larger than could have been predicted from any increase in sales or production. Says one bewildered Government economist: "Based on G.N.P. growth, the un employment rate should be 7%, not 6%." Some other experts see no mystery; in their view employers are rushing to catch up on hiring that they might have begun two or even three years ago, but put off because they feared that the business expansion would not last. Says James Fromstein, vice president of Manpower, Inc., a temporary-help firm: "Management has taken heart with each quarter of recovery, when...
...fiscal 1979, and the number of jobs to be filled has leaped from 310,000 to 725,000. The program, however, is at best a stopgap substitute for welfare. It takes the jobless off the streets but does not prepare them for permanent employment. Says Bernard Anderson, an economist at the University of Pennsylvania's Wharton School: "Most of the money has been spent on Job Corps-type programs of scraping graffiti off telephone poles rather than skill-training for specific jobs...
...Ph.D. dissertation, Economist Finis R. Welch predicted that the pay of black workers would steadily fall further behind that of whites because the blacks would be trapped in dead-end jobs. But as a U.C.L.A. professor, he suspected that social change had outmoded his pessimism, arid he joined with James P. Smith, a Rand Corp. economist in a new study of census data. Last week they released their conclusions: between 1955 and 1975, black male workers increased their pay from 63.5% to 76.9% of the white average-and for women the black-white gap just about disappeared. In 1955 black...
Nobody, no politician, no political philosopher, no economist has so far been able to repair or replace them...