Word: economists
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Dates: during 1980-1989
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Walburg Professor of Economics Emeritus John Kenneth Galbraith's texts are usually nestled somewhere between Adam Smith's The Wealth of Nations and Karl Marx's Das Kapital. But come this winter, Harvard's preeminent economist may be competing for shelf space with James Michener and Jackie Collins...
...many investors, the most disturbing aspect of the Wall Street slide was its breathless speed. "We have a history of market bubbles and panics," says Allen Sinai, chief economist for the Boston Company Economic Advisors. "But because of the advance in communications, corrections that used to take days, weeks or months now take minutes. Any positive or negative events get communicated in seconds." Sinai added that while "a drop of 190 points is shocking and a source of great anxiety and nervousness, it doesn't suggest that the sky is going to fall. The lesson of 1987 is that financial...
...based on Haavelmo's econometric theories." Haavelmo's key contribution was to show that the relationship between such factors as income and spending was far more complex than had been thought, since those factors affect one another and the rest of the economy. For example, he demonstrated that an economist could not gauge the impact of a change in tax rates on consumer spending without using sophisticated statistical methods...
...that end, the economist-turned-dean has launched what participants are calling "a curriculum review with a little `c' and a little `r'." The curriculum review, headed by Associate Dean for Undergraduate Education David Pilbeam, is designed to analyze the nuts and bolts of undergraduate education in each of the 42 concentrations, from tutorials to advising to course requirements...
This economic logic is almost universally accepted. Even Nobel prizewinning, liberal economist James Tobin agrees that rent controls are "very inefficient." He was quoted in The Washington Monthly as saying, "The only difference between liberal and conservative economists is that conservatives would like to do away with them without putting anything in their place. Liberal economists would like to come up with something more efficient...