Word: economists
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Dates: during 1970-1979
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University of Chicago Agricultural Economist D. Gale Johnson is concerned that at $3 a bu., the target price for wheat will be "an incentive to expand production. The cost of the program will get so high that it will have to be modified." Others argue that the 20% set aside for wheat will accomplish little, since farmers will withdraw their less productive land and concentrate on planting high-yield acreage. In fact, some Agriculture Department officials project that even a full 20% set-aside program will cut production by no more than 8%. There is also some question...
...underlying inflation level continues to inch up, it could begin to seriously erode the rate of real economic expansion. Members of TIME's Board of Economists expect a simmering down of growth during the final months of 1977 and throughout '78. David Grove, IBM's chief economist, expects declining growth rates-to 4.7% in the third quarter and 4.1% in the fourth. Beryl Sprinkel, a monetarist and executive vice president of Chicago's Harris Trust & Savings Bank, expects about a 3.5% growth rate in the last part of 1977. For next year the majority...
...quietly been putting what amounts to price deregulation into effect simply by approving almost any new low-fare proposal that it gets. Says Alfred Kahn, an economist who has been CAB chairman since June: "If a carrier is enterprising enough to come up with a new, low fare, I see no reason why it should be penalized. It's up to the competitors to respond...
...regions the spiral appears to be accelerating. Two examples: in Miami's Bade County, a basic 100-ft. by 75-ft. lot that sold for $3,500 a decade ago now commands $17,500. The price has risen $2,000 just since May, and Douglas Wiles, a Miami housing economist, predicts a further $4,000 increase by year's end. In the northern Virginia suburbs outside Washington, D.C., Builder Edward Carr paid $7,442 for a quarter-acre lot in 1969; now the price is $23,000. That accounts for almost half of the rise in the price that Carr...
Congress has been considering a proposal to reduce the minimum wage for all teen-agers to 75% of the adult minimum, but that might just inspire employers to hire well-schooled middle-class youth at the expense of older workers. A better compromise, suggested by Harvard Economist Martin Feldstein, would be for the Government to subsidize minimum-wage payments to the youthful unemployed. Directed specifically to the underclass, the program would allow businessmen to pay a fraction of the cost for jobs that they might otherwise refuse to fill. Another wise Government investment would be to shift some federal funds...