Word: economists
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Dates: during 1970-1979
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...when his term as board chairman expires Jan. 31. Washington speculation on his possible successor is already narrowing to Robert V. Roosa, a partner in the investment banking house of Brown Bros. Harriman, and Paul Volcker, head of the New York Federal Reserve Bank. (Arthur Okun, a Brookings Institution economist and member of TIME'S Board of Economists, whose name also has been mentioned, says Carter would make a mistake in appointing him because the chairman should be someone with closer ties to the financial community.) On the other hand. Carter is under heavy pressure from financiers who admire Burns...
Editor The Economist...
...Social Limits To Growth, economist Fred Hirsh contends that this paradox illustrates a profound change. In a modern affluent society, biological needs for life-sustaining food, shelter and clothing are easily met. People instead become preoccupied with status. Incentives, Hirsch, claims, become social, not material, in nature...
...alas, Hirsch contends, the sun may be setting on the field of economics. As the link between material goods and human happiness deteriorates, the discipline diminishes in importance, although Hirsch, an economist himself, never goes so far as to say that the link has been totally severed. But the more affluent a society becomes, the less people care about material goods as an end in themselves. Instead, people desire goods primarily as a way of acquiring status...
...pillar of economics--the belief that people are preoccupied with improving their material existence--is now a hindrance to understanding key contemporary problems. The analytical framework that the economist has for so long taken for granted--but that the sociologist has long disputed--may now be ineffective...