Word: economists
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Dates: during 1990-1999
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...alone. And the impact of such born-again frugality will be harsh. It threatens to turn the Christmas shopping season that starts this week into a "pretty crummy" one, says Ed Yardeni, the chief economist for the C.J. Lawrence securities firm. Consumers are buckling beneath nearly $1 trillion in installment loans--almost twice the level of a decade ago. The average household carries $3,900 in credit-card debt alone. "Consumers are tapped out," says Peter Caruso, who follows retailing for Merrill Lynch. "There is no spending power left." Indeed, the government reported last week that retail sales dipped...
...parliamentary campaign got off to a stumbling start last week when the Central Electoral Commission refused to register the Yabloko bloc of economist Grigori Yavlinksy, citing a technicality: the group had violated election laws by dropping six names from its list of more than 200 candidates without supporting documents. The surprise decision to exclude the only reformist group in the present parliament with a serious chance to do well in the election set off an immediate firestorm of protest. Yavlinksy claimed that officials "in the top echelons of power" were taking advantage of the President's illness to settle political...
Perhaps the biggest problem with Buchanan's trade platform is the premise that trade is a big part of the problem. Most economists concur that trade with low-wage nations depresses low-skill American wages, but most don't think the effect is very large. Stanford economist Paul Krugman points out that in 1990 nonoil imports from low-wage nations amounted to 2.8% of America's GDP--a low number and, more to the point, barely higher than the 2.2% figure for 1960, back before low-skill American wages started dropping...
...happens, a classic treatise on these sorts of upsides and downsides of capitalism was written by the same economist who invented the misery index--Arthur Okun, Chairman of Lyndon Johnson's Council of Economic Advisers. In 1975 he published a book called Equality and Efficiency: The Big Tradeoff. Its point was that there is natural tension between the two halves of its title. Redistributive taxation, minimum wages, unemployment insurance and the like may enhance equality, but they impede overall efficiency and growth. Ideology is partly a question of which side of the tradeoff you favor...
...that the main speaker at the Million Man March was not Glenn Loury, the Boston University economist and author (One by One from the Inside Out) who brings more clarity and decency to the subject of race in America than almost anyone else. Is integration mere sentimentality? Is justice not the deeper need, the more attainable? Can there be justice without integration? What kind of justice, and for whom...