Word: economists
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Dates: during 1970-1979
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...Dinos" grew more famous in the 1960s, he began holding his annual Delos symposium, a week-long Aegean cruise to which he would invite 30 or so distinguished thinkers. A typical guest list would include the likes of Inventor Buckminster Fuller, Historian Arnold Toynbee, Industrialist Robert O. Anderson, Economist Barbara Ward and Media Guru Marshall McLuhan. It was, Anthropologist Margaret Mead once said, the closest thing to the great English house parties of the turn of the century-stimulating talk in an informal atmosphere...
...group of mostly liberal thinkers, including Economist Wassily Leontief, Investment Banker Robert V. Roosa and United Auto Workers' President Leonard Woodcock, have called for the establishment of a U.S. office of national economic planning. They have in mind not a stiff bureaucracy that would sap freedoms by handing down directives, but a forward-looking group of several hundred scientists and technicians (and a few economists) who would study the future of the U.S. economy much as a savvy company studies its market. Relying on such factors as population trends and the likely availability of resources, they would try to estimate...
Philosophers of capitalism defend inequality on two grounds. Economist Friedrich A. Hayek, a Nobel Laureate, argues persuasively that the only alternative to the market's unequal apportionment of rewards is distribution of income on the basis of each person's moral worth?and who could possibly judge that fairly? Pragmatically, many theorists contend that inequality is necessary to reward with high income the initiative that produces economic growth. They add that growth makes the poor if not nearly equal to the rich, at least better off than they would be in a stagnant economy that distributed wealth equally. According...
Some public functions could be contracted out to private companies. For example, profit-making companies in the U.S. pick up garbage at a lower cost than city sanitation departments do, and United Parcel Service often delivers packages faster and cheaper than the U.S. Postal Service. Economist Walter Heller advocates a market approach to fighting pollution. His idea: levy stiff taxes on the discharge of effluents; the market would reward with high profits the companies that did the most to clean up the environment, and penalize polluters with skimpy earnings or actual losses...
British Historian Arnold Toynbee has glumly predicted that the commodity-producing nations will launch a kind of economic siege warfare against the Western capitalistic world, which will react by putting its own economies "in irons"?that is, dictatorially regulating all production, consumption and investment. U.S. Economist Milton Friedman, a disciple of Adam Smith, darkly suspects that capitalist freedom will turn out to be "an accident" in the long sweep of history, and that humanity will sink back into its "natural state" of "tyranny and misery...