Word: economists
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Dates: during 1990-1999
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...father John Neville Keynes was a noted Cambridge economist. His mother Florence Ada Keynes became mayor of Cambridge. Young John was a brilliant student but didn't immediately aspire to either academic or public life. He wanted to run a railroad. "It is so easy...and fascinating to master the principles of these things," he told a friend, with his usual modesty. But no railway came along, and Keynes ended up taking the civil service exam. His lowest mark was in economics. "I evidently knew more about Economics than my examiners," he later explained...
Even then, Keynes had a hard sell. Most economists of the era rejected his idea and favored balanced budgets. Most politicians didn't understand his idea to begin with. "Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist," Keynes wrote. In the 1932 presidential election, Franklin D. Roosevelt had blasted Herbert Hoover for running a deficit, and dutifully promised he would balance the budget if elected. Keynes' visit to the White House two years later to urge F.D.R. to do more deficit spending wasn't exactly a blazing...
Todd Thibodeaux, an economist from Arlington, VA., has eight computers in the eight-room house he and his wife Clare share. He wanted all his computers to communicate with one another, just as they would at any corporate office. He also wanted the freedom to work on his website, do a little Web surfing, online shopping or banking from wherever he happened to be--in the kitchen, basement, den or bedroom--without having to wait for Clare to finish surfing first. So last October the Thibodeauxs started building a home network. Three weeks and $950 later, their Ethernet baby...
...bill dropped roughly $40 billion last year, and that money has shifted to other parts of the booming economy. The result is lower inflation and higher growth, with savings that show up on everything from home- heating bills to airline fuel and utility charges. Says Cynthia Latta, principal U.S. economist at Standard & Poors/DRI: "Higher oil prices will be widely felt across the economy, but they are not likely to pose an immediate threat to continued low inflation and robust consumer spending...
...February--to 4.4%, from 4.3% the previous month. And the prices of raw materials like oil and copper, on average, are at their lowest in decades. This is not the stuff of sudden price hikes in consumer items. "It's beyond me how anyone can be worried about inflation," economist Allen Sinai at Primark Decision Economics says flatly. So exactly what do these masters of the universe discern...