Word: economists
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Dates: during 1970-1979
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...Harvard University for his work in explaining the structure of the chemicals called boranes. Together with the previous awards of the medicine prize to Baruch Blumberg of Philadelphia's Institute for Cancer Research and Carleton Gajdusek of the National Institutes of Health, and the economics prize to Economist Milton Friedman of the University of Chicago (TIME, Oct. 25), last week's winners gave the U.S. a clean sweep of the 1976 Nobel science awards...
...usual, many investors are overreacting to what could still be a temporary, if prolonged, lull in business and an overwrought perception of what a Carter Administration might mean for business. Says Newton Zinder, chief economist of E.F. Hutton: "The outlook for the market still appears good, though it is lower than most expectations...
...Nobel committee cited Friedman for "independence and brilliance" as an economic thinker, and there, certainly, other economists would agree. In some ways, it was a peculiar award to come out of Stockholm, the capital of the West's most thoroughgoing welfare state. Politically, Friedman is the most conservative American economist of note today. In economic policy, he is committed to laissez-faire, free-market solutions. He has, in fact, not had-or sought-much influence even in the Republican-occupied White House since August 1971, when Richard Nixon announced a pay-price freeze to fight the Viet...
...What the Nobel committee clearly intended to honor was not Friedman's politics but his contributions to practical economic theory. "It is very rare," said Friedman's citation, "for an economist to wield such influence, directly and indirectly, not only on the direction of scientific research but also on actual policies." One of Friedman's most influential achievements goes back to the 1950s, when he refuted a once widely accepted element of Keynesian economics: the idea that rich people save a greater proportion of their incomes than do the poor. Among other implications, this meant that developing...
...Retailers had hoped for a massive pickup in sales during the back-to-school period. They were disappointed when sales rose by 9% over the same period last year; most of the rise was attributable to inflation. Economist Grove, however, predicts "some pickup" in this area during the fourth quarter of 1976, adding, "I don't think it's going to be a boom by any means...