Word: greenspan
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Dates: during 1970-1979
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...TIME'S Board of Economists, who gathered in Manhattan last week for their first day-long meeting of 1977. Though the board contains liberals and conservatives, the nine members present were unanimous in recommending a drastic policy focused on sharply higher energy prices and taxes. Observed Alan Greenspan, who rejoined the board after having been on leave for 28 months while he served as chairman of President Ford's Council of Economic Advisers: "On energy, there is little division among economists. The division is between economists and politicians...
...Secretaries, George Shultz and John Connally, than to his CEA chairmen. The council reached its lowest point under Herbert Stein, who not only was overshadowed by Shultz in policy-making but also defended Administration policy so incessantly as to arouse suspicion that politics was warping his professional judgment. Alan Greenspan* restored the CEA's professional respectability largely by staying out of the public eye and talking primarily to President Ford-a course Schultze seems most unlikely to follow...
Good Start. Alan Greenspan, chairman of Ford's Council of Economic Advisers, says that he expects 1977 to start out with "double or more" the 3% growth of the close of 1976. Greenspan's successor in the Carter Administration, Charles Schultze, agrees that the first quarter "will show a pretty good springback" from the recent economic pause...
Business investment, however, remains uncomfortably soft. Both Greenspan and Schultze believe that the key to a sustained recovery is getting companies to step up their spending on expansion; they disagree about how to do it. In the Ford Administration's final economic report, out last week, Ford's Council of Economic Advisers urged permanent tax reductions for individuals and companies to trigger more spending all around. Carter has instead proposed tax rebates for individuals this year and more Government spending next year-and no specific investment incentives...
...Restraints. A pragmatic, neo-Keynesian economist. Schultze favors a temporary tax cut of undetermined size to stimulate the economy and help reduce unemployment. Unlike the present head of the CEA. Alan Greenspan, Schultze thinks it is socially disastrous to combat inflation by keeping the lid on the economy and keeping unemployment high, says fellow Economist Arthur Okun. On the other hand, Schultze, no doctrinaire, fully appreciates the dangers of inflation. It was largely his testimony that brought about the drastic revision of the Humphrey-Hawkins bill, which would attack unemployment by making the Government the employer of last resort...