Word: greenspan
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Dates: during 1970-1979
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...prophesied that the boycott would trim at least 1% from their earlier forecasts of real growth. Harvard's Otto Eckstein, head of Data Resources Inc., believes that the G.N.P. will increase by 1.6% instead of 2.6% next year, assuming that the Arabs relent by April 1. But Alan Greenspan says that even if the oil resumes its flow by then, the shortages will have already done enough to prevent the economy from growing that much next year. He looks for at best a 1% growth in the gross national product-and at worst a 1% decline...
...exact size of the petroleum gap (estimates range from 2.5 million bbl. to 3 million bbl. daily of crude and refined products). Most important, there are no adequate models that might foretell how the U.S. economy will react to the first energy scarcity in its history. Explains Alan Greenspan, a consultant who frequently advises the Nixon Administration: "In classic forecasting, we have worked in a conceptual framework into which we have tried to put numbers based on history. But this is a whole new bird...
...prices that such materials as copper, cotton, wool, lumber and chemicals now command on world markets. Inevitably, the goods are being carried off by foreign buyers, especially the Japanese. ("The Japanese have bought up every pound of wool in the world!" a New York buyer hyperbolically exclaims.) Says Alan Greenspan, a member of TIME's Board of Economists: "We have prices being suppressed by the control program under the world level. We would have no shortage at all if prices were allowed to rise...
...Hank Greenspan is a research assistant at the Graduate School of Education and a freelance writer. the facts from the Highest-up. I refer, of course, to what has become known as the "Fig Leaf" episode. Would you please tell us what you know of that...
Corporate profits are strong. Alan Greenspan, a member of TIME'S Board of Economists, calculates that second-quarter profits are running 34% ahead of last year-up from the first quarter's 28%. Particularly vigorous second-quarter profits were reported last week by companies in the textile, lumber, oil and chemical industries. The complicated cost-pass-through provisions of Phase IV are expected to crimp profits somewhat, and Greenspan expects the annual rate of increase to decline by year's end to 20%-which would still be robust...