Word: economists
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Dates: during 1990-1999
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...wake of World War II, the specter of inflation loomed over the American economy. And as every (now unemployed) Soviet economist can tell you the best response to such pressures is to institute wage-price controls, which is what the US did. Deprived of the ability to lure workers by raising money wages, businesses exploited a loophole in the controls: fringe benefits, such as health insurance, were not subject to the wage controls. In lieu of raising wages, employers added health insurance to compensation of effectively raise wages to attract the workforce they desired...
...economies are walking, but they're not running," says J. Paul Horne, an economist for the Smith Barney Shearson investment firm in Paris. Indeed, Britain has been in a recovery for the past 18 months, and its gross domestic product is expected to grow 2.7% this year. The 11 other E.U. economies, however, are only beginning to perk up. After a disastrous 15% plunge last year, European auto sales should increase 3% this year, adding $5 billion to manufacturers' revenues. Most airlines report steady gains in the sensitive indicator of intra-European traffic, up more than 9% this year, though...
Despite such efforts, none of the palliatives is likely to have much effect on a work force that is suffering from rising anger and alienation. "Workers feel betrayed," says an Asian economist based in Beijing. A survey conducted two years ago by the A.C.F.T.U. among 210,000 laborers at 400 state enterprises in 17 cities found that only 12% of workers felt satisfied with their condition, while 51% thought their status in society had fallen to an all-time...
Colombia's new President, economist Ernesto Samper, has no plans to take on the kingpins of South America's most formidable cocaine cartel without international help, he declared after winning Sunday's election. Conservative opponent Andres Pastrana, who wanted to push for greater free-market reforms but lost with 48.6 percent of the vote, intimated in his concession speech that Samper's reticence may have something to do with rumors that he accepted campaign contributions from the drug traffickers...
Greenspan's approach has its zealous supporters. Allen Sinai, chief economist for Lehman Brothers, applauds the "totally unprecedented" new strategy of pre-emption. "The old way never worked," he says. "It was always too little and too late." Nevertheless, last week's economic news confirmed that the expansion is in scant danger of overheating. Consumer prices rose just 0.1% in April as falling food and fuel expenses offset a jump in medical costs. At the same time, wholesale prices slipped 0.1% overall. "Here we are three years into the recovery and inflation is still declining," says Ross DeVol, an economist...