Word: economists
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Dates: during 1980-1989
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Although final details of the plan were still being worked out when the board met, the economists were enthusiastic about the proposed sharp reduction in the number of brackets and the suggested lowering of rates. Board members noted that the changes greatly simplify the system and would encourage savings and enterprise. Moreover, the plan would achieve those benefits without adding to the burden of any group. Those in the bottom and medium brackets, for example, would not have to pay more to compensate for the rate drop in the upper bracket. Said Harvard Economist Martin Feldstein, Reagan's former chief...
MARRIED. Yasmin Aga Khan, 35, daughter of Actress Rita Hayworth and the late Prince Aly Khan; and Basil Embiricos, 36, Greek economist and shipping heir; both for the first time; in New York City. The civil ceremony was scheduled far in advance of Muslim and Greek Orthodox rites, which will be held in late June, because of the failing health of Hayworth, a victim of Alzheimer's disease...
...help when business is good, but they would not be a drag on earnings when it is bad because the employees' average pay would fall along with revenues. Workers might be willing to take a pay cut in exchange for job security. "Firms ever hungry for labor," writes the economist, would be "always on the prowl --cruising around like vacuum cleaners on wheels, searching in nooks and crannies for extra workers...
...economist admits that his plan would not succeed if only a few companies adopted it. These firms would hire large numbers of new workers, and because the revenue pie would be split into many more pieces, the average pay might be reduced to levels that employees would not accept. But Weitzman argues that if many corporations embraced the share system, the pool of qualified people looking for work would be depleted fairly quickly. Each company would then be able hire only a relatively few workers, but the overall impact would be a large boost in employment throughout the economy...
...economist acknowledges that his plan is unlikely to be used in its pure form, but says that even a modified version would be a strong tonic for the American economy. Companies, for example, could guarantee a base wage and then offer variable bonuses that would be a share of profits or revenues. More than 350,000 U.S. companies already offer limited profit sharing, though employees often do not receive the money until they leave the company. Some firms, including General Motors and Ford, have started to give out annual profit- sharing checks. GM last year gave a typical employee...