Word: economists
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Dates: during 1970-1979
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Gutiérrez and many other Latin American liberation theologians journeyed to Detroit last week to argue that their theology has a prophetic role in northern industrial societies. Sounding a recurrent theme, Peruvian Economist Javier Iguiñiz told an opening session at the conference that "the growth of capitalism is the same as the growth of world poverty." Uruguayan Jesuit Juan Luis Segundo, author of one of the movement's key works, A Theology for Artisans of a New Humanity, warned that the church, if it is to have any validity, "must become a function of liberation...
...Many economists outside the Government, meanwhile, fear that the June-July surge in living costs means the U.S. is in for what Data Resources Inc. President Otto Eckstein calls "a new wave of inflation"; he expects it to last for six to twelve months. The experts' main dispute seems to be over the reasons for that wave. Though all agree that crop failures played a role, Brookings Institution Economist Arthur Okun cites such "self-inflicted wounds" as the Soviet grain sales and the coming abrupt decontrol of oil prices at the end of this month. Monetarists argue that...
There is some fear, however, especially among the Democrats, that the recovery could peter out next year before it really reduces the unemployment rate much. Most indicators could move upward smartly, says Economist Walter Heller, and "all that will be left behind is human beings-the unemployed who won't find jobs on the gentle slopes of recovery." The threat of renewed inflation is only one reason for this worry. Interest rates are rising, discouraging business borrowing. Last week New Jersey Bell Telephone and Con Edison put off bond offerings totaling $155 million and Manhattan's First National...
...utilities 8%, and aluminum and other nonferrous metal producers 11%. Airlines flew in the red because of high jet-fuel costs and an un-economically low percentage of filled seats. Overall, though, the Citibank study painted a brighter second-quarter earnings picture than many experts had expected. Says Citibank Economist Robert Lewis: "The upturn in earnings is further proof that the economy has begun to bounce back...
...rather than from a sampling of corporation reports to stockholders, Data Resources Inc.'s president Otto Eckstein estimates that second-quarter after-tax earnings of all U.S. companies rose 3.4% above the first three months. Standard & Poor's Corp. calculates a modest 3.7% decline. Still, S. & P. Economist Richard Scruggs believes the second quarter probably marked "the end of the drop" in corporate earnings...