Word: economists
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Dates: during 1970-1979
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Incentive Lack. Among economists, Liberal Robert Nathan, a member of TIME's Board of Economists, and Conservative Paul McCracken, former chief adviser to President Nixon, found themselves unlikely allies in calling the program too small to give the economy the push it needs. Some bankers and businessmen were displeased that the program contains no specific incentive for investing more in new plant and equipment. Says Eugene Birnbaum, chief economist for the First National Bank of Chicago: "This tax package is appalling to me. We would be better off without stimulus than with one so badly formed...
Meaningless Numbers. Some of the earnings "loss" that companies stand to suffer with replacement-cost accounting could be made up by reduced corporate taxes. But many businessmen and economists still doubt the basic value of the system. They point out that estimating replacement costs is a highly subjective business. A machine might be obsolete and thus hard to price. Its replacement, because of unproved technology, could even cost less. "The numbers just don't mean anything," warns International Business Machines Economist David Grove. But John C. Burton, who pushed through the new rules as chief accountant...
...Cabinet appointments Jimmy Carter made last week was the medium for an important international message. In choosing Yale Economist Richard Cooper as Under Secretary of State for Economic Affairs, the President-elect signaled that his Administration plans not only to try to put more snap and ginger in the U.S. economy but also to seek to orchestrate a revival throughout the rest of the industrialized world as well. Cooper's chief economic credo: No nation is an economic island; all are a part of an interacting global process. For one to flourish, the others must...
Dick Cooper's words carry weight. A somewhat boyish-looking 42, he is one of the youngest and brightest members of the small group of academics who regularly ride the policymaking circuit between the capital and the campuses. In previous Washington incarnations, he was a senior staff economist on John Kennedy's Council of Economic Advisers, and Deputy Assistant Secretary of State for International Monetary Affairs in the Johnson Administration. At Yale, he has not only taught international economics for eleven years but also served as the university's provost from 1972 to '74. Says Yale...
Although Cooper is often labeled a "liberal" economist, he is generally un-doctrinaire-except for a strong bias toward greater economic growth as a solution to social problems and freer international trade as a way to achieve it. In an interview with TIME Correspondent John Berry, for instance, Cooper suggested that if the Japanese do not soon stimulate their domestic economy, which would mean an increase in imports from other nations, "we should hit them hard" to force an increase in the value...