Word: economists
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Dates: during 1990-1999
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Unexpected, yes, but not inexplicable. Sinai, along with Edward Yardeni, chief economist for the investment firm Deutsche Morgan Grenfell (North America), argues that today's economy can speed along briskly without inflation because of fundamental changes that have made companies more efficient than ever. Among them: the demise of the cold war, which has lifted trade barriers and released millions of workers and billions of dollars for productive peacetime purposes; and the ubiquitous use of computers, which enables companies to book new orders or build new cars with the click of a mouse. Says Yardeni: "I'm a big believer...
...Americans really be enjoying a Golden Age of prosperity? It gets harder to doubt it every day. Certainly the panel of six leading economists recently assembled by TIME agrees that all signs are pointing to the kind of good times that have traditionally come along only once every few decades. The marathon expansion that has created nearly 14 million new jobs since 1991 is already the country's third longest on record--and still appears to have legs. With no end in sight, the current recovery could claim the No. 1 spot by the turn of the century. "This...
...bust when the Federal Reserve jacked up interest rates to keep prices from getting out of hand. But these days, inflation is barely on the radar screen, even though the unemployment rate has fallen to 4.9%, a level not seen since Richard Nixon was President. That astonishes Princeton economist Alan Blinder, a former Fed vice chairman. If he had bet on such results four years ago, Blinder notes, "I could have got odds of 10,000 to 1 [against them]. That's how unexpected this expansion has been...
...workers--in the early part of the decade has made firms brutally competitive. And the deregulation that began with airlines and trucking in the 1970s and '80s is bringing price pressure to bear on such once cozy fields as utilities and telecommunications. Says Stephen Roach, Morgan Stanley's chief economist: "Deregulation is a critical dynamic in spreading the forces of competition...
Keith Leffler, a University of Washington anti-trust economist who testified for the government, says that the "Overlap Arrangement" stifled competition and allowed the universities to raise their tuition without losing low-income talent that prestigious schools desire...