Word: galbraith
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Dates: during 1970-1979
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European Economic Correspondent Friedel Ungeheuer, who reported foreign reaction to the U.S. monetary moves, studied economics at Harvard (Class of '56) under John Kenneth Galbraith. "After breaking his leg in a skiing accident," says Ungeheuer, "Galbraith regaled his students with an unsentimental view of human fallibility, reminding them that man's greed and short memory make monetary history eminently repeatable." Such lessons, notes Ungeheuer, "blessed us with that indispensable tool of economic journalism: magnificent hindsight." Last year, however, when reporting on the coming gold rush for TIME, Ungeheuer demonstrated the much rarer gift of economic foresight, predicting...
...soared 40 points. In recent years, however, the stock market has had the blahs, reflecting national uncertainty about the future. This summer the Dow Jones industrial average had already declined 50% from its peak of 1051 in 1973, when adjusted for inflation. Concludes Economist John Kenneth Galbraith, author of The Great Crash, a study of the 1929 debacle: "It would be hard to find any buildup of speculative hubris that would make us as vulnerable as we were...
...stand for responsible unionism and will run for reelection despite the objections of J.K. Galbraith, who may well work for the opposition candidate," McBride said...
VANCOUVER, British Columbia--John Kenneth Galbraith, Warburg Professor of Economics Emeritus, said yesterday raising bank interest rates to control inflation are "one of the major economic mistakes of our time...
...Galbraith, who was in the Northwest to address a Washington State Bar Association convention, said higher borrowing costs do not affect the major causes of inflation--large corporations and unions...