Word: economists
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Dates: during 1970-1979
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...term itself is shocking to striving, mobile America. Long used in class-ridden Europe, then applied to the U.S. by Swedish Economist Gunnar Myrdal and other intellectuals in the 1960s, it has become a rather common description of people who are seen to be stuck more or less permanently at the bottom, removed from the American dream. Though its members come from all races and live in many places, the underclass is made up mostly of impoverished urban blacks, who still suffer from the heritage of slavery and discrimination. The universe of the underclass is often a junk heap...
...minimum wage, says Sociologist Riesman, is the product of "an alliance of the better situated labor unions with the liberals against the deprived and the elderly, whom people would otherwise employ for household or for city work that now doesn't get done." Adds Stanford University Labor Economist Thomas Sowell, a black: "Talk about people being unemployable is just so much rubbish. Everybody is unemployable at one wage rate, and everybody is employable at another." Perhaps not quite everybody. In a free economy, there will always be some small fraction of people who lack the skills or discipline to work...
Hendrikus Johannes Witteveen, 56, the managing director of the International Monetary Fund, is the most enigmatic international civil servant since the days of Dag Hammarskjeid, the mystic who died in a plane crash while serving as Secretary-General of the United Nations. An economist by training, Witteveen always carries a pocket calculator, which he whips into action during esoteric discussions of international finance. A strict adherent of the obscure Sufi religious cult,* Witteveen, despite the intense pressures of his job, finds time to meditate every morning and evening. He sees no conflict between the practice of the dismal science...
...recent months, and there are indications that the White House may now be ready to take at least a slightly more active stand against rising living costs. One sign came last week when the Senate approved the President's appointment of Barry P. Bosworth, 34, a Brookings Institution economist, to succeed Michael Moskow as chief of the Council on Wage and Price Stability. The council, a relic of the free market philosophy of the former Administration, has no power of enforcement and has been less than vigorous in exercising its authority to review wage and price increases. Bosworth, however...
They contend such tactics do nothing to root out inflation's basic cause. Even so, many economists believe that to be effective, the White House will have to take a much firmer stand against Big Business and Big Labor. Says Harvard Economist Otto Eckstein, a member of TIME'S Board of Economists: "Quite honestly, at the moment I don't think the Administration's got an anti-inflation program." Unless the White House gets tougher, some economists fear, the job of restraining prices will fall to the independent Federal Reserve Board and its Chairman Arthur Burns...