Word: grouping
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Dates: during 1970-1979
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...revisionist group of economists, eclectic and unorthodox, is on the rise, and they have provocative views about what has mucked up the economy and how to start fixing it. These academics, still in their 30s or early 40s, admit to many more questions than answers and are sometimes unfairly dismissed by their more traditionalist colleagues as "N.C.s" (Neanderthal Conservatives). Hardly Neanderthal, they are instead moderate, pragmatic economists of the late 1970s who are bringing fresh air, and fresh hope, to the dismal science. Says Rudolph Penner, head of tax-policy studies at the American Enterprise Institute: "The exciting ideas...
Still undergraduates when Keynesianism was flourishing in the late 1950s and the 1960s, the new economists are now professors in their own right at universities around the country. Among them: Martin Feldstein, 39, of Harvard, who is the leading thinker in the group; Robert Lucas, 41, of the University of Chicago; Michael Boskin, 33, of Stanford; Rudiger Dornbusch, 37, and Stanley Fischer, 35, both of M.I.T.; as well as many, many others...
...group represents what might be termed the rubber band school of economics?what the profession itself calls "elasticity." The sensible notion is that people respond to the specific incentives of price and supply and that, given the right incentives, the market itself is better equipped than the Government to bring about lower prices and more supplies of what people want and need...
...Islam shall win!" Despite a pledge by Minister of Interior Hashem Sabbagian to prevent violence, 1,000 demonstrators first ransacked and then occupied the headquarters of the Marxist Fedayan-e Khalq (People's Sacrifice guerrillas). Khomeini's supporters were prevented from occupying the offices of another leftist group, the Mujahedin-e Khalq (People's Crusaders), only by a sit-in staged by young Mujahedin supporters declaring, "You will first have to walk over our dead bodies...
This inaction has allowed some voices of hate to win a wider hearing than they might have had otherwise. For instance, the National Front, as the only political group actually encouraging violence against minorities, has achieved notoriety beyond its membership of 20,000 or so with scare tactics and street demonstrations. But both the Tories and Labor have carefully refrained from playing reckless politics with race. The Labor Party at least has correctly diagnosed the nature of Britain's racial ills even if it failed to push through any forceful program while in office. Says Merlyn Rees, Labor...