Word: gainsbrugh
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Dates: during 1960-1969
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Eventually, the cost of money will force managers of large corporations to reconsider some marginal capital-expansion projects. After a survey of 1,000 companies, Martin Gainsbrugh, chief economist of the National Industrial Conference Board, reports some retrenchment in plans to spend on new plant and machinery. Between the last quarter of 1968 and the first quarter of this year, planned spending dipped by 2½ % and in some industries by as much as 10%. Gainsbrugh believes that the long boom in capital spending will level off through the year, as businessmen face up to a squeeze on profits...
...economy seems headed for its most expansive era yet in the 1970s. That was the message of a study presented last week by Martin Gainsbrugh, chief economist of the National Industrial Conference Board, a private center for business research. Two years in preparation by a dozen of the board's staff economists, the study projects remarkable advances in family income, now averaging $9,300. By the end of the next decade, the typical American household will earn almost $14,000 - in terms of today's prices - and enjoy a 40% increase in the real standard of living...
...Gainsbrugh warns, however, that these prospects for prosperity will prove hollow if inflation continues at its current rate of more than 4%. If it does, he says, it "could foreshadow a boom followed by a severe deflation later in the 1970s." Convinced that sensible Government policy will avoid such a crisis, he estimates that inflation will average 2% during the decade. Tending to reinforce his assumption, such economic barometers as industrial production and personal income have begun to level out under the growing pressure of high taxes, tight money and a budget surplus...
...classic example of underestimation," says Martin Gainsbrugh, chief economist for the National Industrial Conference Board, "is the Trillion-Dollar Economy." In terms of gross national product, the U.S. was not expected to reach this thousand-billion-dollar mark until about 1975. It now appears that the figure will be achieved either in 1970 or 1971. And a tremendous number of business and economic decisions rest upon accurate estimates of the G.N.P...
Ranged between Fowler and Gainsbrugh, the latest economic indicators are mixed. On balance, they suggest that the U.S. economy may be more robust than it has been in over a year...