Word: economists
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Dates: during 1970-1979
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...overwhelm them with spending and revenue estimates prepared by the Office of Management and Budget and the Council of Economic Advisers-in all, an apparatus of some 700 people. This year the imbalance has been lessened by the new Congressional Budget Office and its articulate, politically liberal director, Economist Alice Mitchell Rivlin...
Died. Alvin H. Hansen, 87, economist who pioneered the acceptance of Keynesian theory in the U.S.; in Alexandria, Va. South Dakota-born Hansen was the earliest important American advocate of the then-radical argument set forth by British Economist John Maynard Keynes in his 1936 work, General Theory of Employment, Interest, and Money: that government should take an active role in manipulating the economy through tax and spending policy to maintain high employment, even at the cost of mounting debt and added inflation. As a Roosevelt brain-truster during the New Deal, and as a consultant to various Washington agencies...
Rivalry from older people and middle-class youths scrambling for summer jobs is elbowing other needy youngsters into a painfully crowded corner. The official unemployment rate for black teenagers already is 39.9%; according to Economist Bernard Anderson of the Wharton School, if statisticians counted the youths who have become too discouraged to look for work, the rate would be at least 65%. Their chief hope for even temporary employment lies in programs financed by taxpayers' money, which provide employment in hospitals, police departments, parks and other recreational areas. But most of these programs have long since been swamped...
...that separates the poor from the affluent has been a prime source of tension, division and violence in American life. A critical challenge for politicians and economists alike has long been to try to find a way to soften the harsher injustices of U.S. capitalism without crippling it. That is the central dilemma that Economist Arthur Okun faces in an eminently readable, slim new book, Equality and Efficiency: The Big Tradeoff, published by the Brookings Institution in Washington...
...weird bank; enigmatic employees of the bank walkd out everyday with some of the bank notes in their pockets. Sometimes the money is confiscated by the guards at the exit, but the whole thing seems absurd since the guards don't return it all to the bank. What an economist would diagnose simply as a supplementary cause of inflation under socialism, deeply puzzles our clerk, who hopelessly tries to understand the whereabouts of this clandestine circulation of currency. The more he tries, the less he knows and the more confused he becomes, as his investigations lead him to the mysterious...