Word: economists
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Dates: during 1970-1979
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History's lesson, as University of Southern California Economist Arthur Laffer has shown in the so-called Laffer Curve, is that when taxes go up, economic activity goes down. Empires from Rome to Britain reached their fullest flower when their taxes were low, Wriston remarks, and started to self-destruct as taxes rose. Americans feel uneasy about their economy, partly because federal, state and local governments tax away 29% of the gross national product. Warns Wriston: "We are getting very close to the point where high taxes will cause the economy to deteriorate...
...have caught the English disease," admits one economic ministry official. "It has been a numbing, demoralizing experience." Adds Swedish Nobel-prizewinning Economist Gunnar Myrdal: "We are at the end of a very long development. We live in a dangerous time. It is possible that everything will go to hell...
...Barry Bosworth, director of President Carter's Council on Wage and Price Stability (COWPS). Middle-aged business leaders take one look at him and wonder whether he is old enough for even a one-martini lunch. They need not worry. For one thing, Bosworth is a seasoned economist (a year on the staff of Lyndon Johnson's Council of Economic Advisers and six years with the Brookings Institution). More important, he is also the man most responsible for getting the White House moving on anti-inflation policy. The surprising thing is that as director of COWPS since last...
...says one Commerce Department economist, the nation has gone through "a punk quarter." Ice and snow so snarled transport, and the coal strike so curtailed electricity that national production showed little growth. Otto Eckstein, head of Data Resources, Inc., calculates that real Gross National Product rose only 1.5% in the first quarter. With the snow melted and miners back at work, Eckstein thinks real G.N.P. will show a catch-up surge of 7.5% from April through June. For the year, real G.N.P. is still likely to rise around 4.5%. The trick will be to keep inflation from speeding...
Some states and cities will also step up spending. David Levin, an economist at the U.S. Commerce Department, figures that state and local spending for sewer, water and recreation facilities will rise at least 10% this year. Texas, enjoying a surplus of $3 billion, plans no tax cuts (it has no income tax anyway). But during the next two years, it will pump increases of $1 billion into schools, $900 million into medical education, $528 million into roads and $525 million into health and welfare spending. Wisconsin will use $62.5 million of its surplus ($437 million...