Word: economists
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Dates: during 1970-1979
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...sovereign states, controlling 39% of its territory and 42% of its population. Such numbers alone can be misleading, for societies calling themselves socialist include Western-style democracies and repressive Communist dictatorships, constitutional republics and hereditary monarchies. Socialism is a flag of convenience that accommodates technocrats and market-minded economists, that allows fascist-type dictators or small-time Bonapartes to perpetuate themselves in power. It is politically chic to use the socialist label. Observes French Political Philosopher Raymond Aron: "In most countries, socialism carries the connotation that whatever is good is socialist, whatever is bad originates in capitalism." Adds Nobel-Prizewinning...
...stick proposal was conceived by Federal Reserve Board Governor Henry C. Wallich and University of Pennsylvania Economist Sidney Weintraub. In essence, they recommend that any employer granting wage increases of 1 % or more above certain federal guidelines be forced to pay the same amount in penalty taxes. The guidelines would be reckoned by taking the annual rate of productivity increase in the employer's industry and then adding one-half of the nation's prevailing inflation rate. By that formula, the guideline for overall industrial wages would be about 5% (that is, the rate of productivity increase added...
Instead, M.I.T. Economist Lester Thurow proposes that the Government reduce the size of the proposed tax cut from $25 billion to $15 billion and use the $10 billion differential for direct subsidles to companies that hire and train unskilled youth. Thurow's program has the virtue of concentrating on the trouble areas without pumping up the whole economy and fanning inflation...
...estate of America's dollar in world markets distresses nobody so much as Economist Robert Triffin, who expressed some far-reaching opinions about it in a talk with TIME Senior Editor Marshall Loeb. His report...
...almost 40 years, this wise economist has been summoned by leaders of the chancelleries and the countinghouses for advice on money policies. He conceived the European Payments Union, which did so much to revive the Continent's economies from the ruins of World War II. Two decades ago, he warned that the monetary system was barreling toward calamity because the U.S. was pouring out so many dollars. Now back in his native Belgium, where he is advising the European Community while on sabbatical from Yale University this year, he watches forlornly as the dollar crashes to record lows relative...