Word: economists
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Dates: during 1970-1979
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...says Otto Eckstein entrepreneurial economist, "how many clients are speaking with our computer at this moment." The good doctor presses a shiny gray key of a Burroughs 7700 computer, and out whirs the answer: 113. Then he touches another key, and the computer spits the names of those 113 paying customers. Among them are the departments of State, Treasury, Commerce and Justice and two dozen other federal agencies. Then there are Morgan Guaranty, Bank of America, Citibank and a score more banks, and American Can, Dow Chemical, Exxon, Shell, among many other industrial giants...
With fees from these prophecies, personal consulting and other services, DRI's revenues rose 35% last year, to just over $17 million, and profits climbed 70%, to $1,502,000; they are growing somewhat faster this year. That has made Eckstein, at 50, probably the richest American economist. Since DRI went public last November, the shares have bucked the bear market and risen from $11.50 to $18 bid, giving Eckstein and his family a stake of more than $4 million...
...difficult, as the institute concentrates on trying to develop conservative economic and political ideas, and rarely takes a formal position on particular measures. But institute members can point to some specific successes. Sharp criticism by Murray Weidenbaum, an A.E.I. fellow and member of TIME'S Board of Economists, helped kill a 1975 proposal by then Vice President Nelson Rockefeller to pour $100 billion of federal money into an emergency energy program. Earlier this year the institute insistently pointed out what it saw as the bureaucratic dangers of the proposed Agency for Consumer Advocacy, which now seems dead. More generally...
DIED. E.F. Schumacher, 66, German-born economist and author of the underground bestseller Small Is Beautiful; of a heart attack; while en route by train from Lausanne to Zurich, Switzerland. Schumacher, who immigrated to England before World War II, served as economic adviser to Britain's National Coal Board from 1950 to 1970. In his 1973 book, Schumacher maintained that continuous growth was not necessarily desirable; that small, energy-saving units of production could often best serve human needs...
...centrist Social Democrats who had previously gone along with the army. As more and more stories of mass murder and imprisonment leaked out, the American people learned with horror about the monster their intelligence agency had helped create. The awarding of a Nobel Prize to University of Chicago economist Milton Friedman last fall was roundly condemned: Friedman was one of the architects of the junta's economic policy. The New York Times reported last week that that policy, of inviting foreign investment and imports at the expense of a domestically-controlled economy, has turned Chile into "a bazaar filled with...