Word: economists
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Dates: during 1970-1979
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Tuning into Italian television's Channel 1 one night last week, viewers throughout Italy were treated to a bizarre sight. The time was 9 p.m., Europe's favorite TV hour; on the channel Economist Siro Lombardini was just settling down to discuss the nation's troubled economy. Suddenly chairs, set and people began to tremble. "// terremoto! II terremoto! [Earthquake! Earthquake!]" shouted a frightened cameraman. While thousands looked on in amazement, economist and TV crew made a live, unceremonious departure...
...Cornuco-pians. Malthusians foresee a world where there is not enough of anything to go around - except people. The Cornucopians of the Hudson Institute find economic growth an essential for the future. The high consumption of the West, they argue, will lead the East to a land of plenty. Economist...
...overthrew Salvador Allende in late 1973 replaced one set of economic ideologues with another. The Marxists who strove for total regulation of the economy have been succeeded by a group of policymakers known as the "Chicago Boys." Reason: they ardently embrace the free-market teachings of University of Chicago Economist Milton Friedman, who visited Chile for six days last year to counsel them...
...controversy brings up the deeper question of whether Friedman's theories are really applicable to a poor, inflation-ridden country. Says one Chilean university economist: "In an underdeveloped country like Chile it is less possible to have a free-market economy than it is in a developed one. It is a question of size and scale." It is also a question of history: since the 1930s the government has tightly controlled key parts of the Chilean economy. Prices and wages have traditionally been set by the government; the major industries have long been monopolies. Competition, the present Chilean government...
...abroad. As a result, said the M.I.T. scientists, other countries are ahead of the U.S. in certain areas, such as the development of supersonic passenger jets and the discovery and introduction of new drugs. European and Japanese efforts to catch and surpass the U.S. will probably increase. Said M.I.T. Economist Michael J. Piore: "I sense that we're going to be on the technological defensive...