Word: macavoy
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M.I.T.'s Paul Macavoy, 42, member of Lyndon Johnson's Council of Economic Advisers and now of Ford's, cited the Government's ubiquitous presence as one reason why people feel powerless. "Every aspect of employment is controlled by a federal agency," said Macavoy, "from hiring to retiring, size, shape, color, composition, seniority, technical facility, how you advertise and buy and sell labor...
That finding is disputed by some Administration economists, who contend that recession hurt the industry more than imports did. Paul MacAvoy, a member of the Council of Economic Advisers, faults the ITC for "never even questioning" the role of industry price policy. ITC data indicate that on most of the products concerned, domestic prices were rising last year while the prices of imports either were falling or going up less than the made-in-America steel. Richard Simmons, president of Allegheny Ludlum Steel Corp., the largest U.S. specialty-steel producer, challenges that finding: he says his company cut prices...
...Administration got an additional lift on the economic front last week when the Senate approved President Ford's nomination of Burton Gordon Malkiel, a Princeton University economics professor, to the Council of Economic Advisers. The Senate's action follows its approval last month of Paul W. MacAvoy, an economics professor at the Massachusetts Institute of Technology. The appointments bring the three-man council to full strength for the first time since early spring. C.E.A. Members Gary Seevers and William Fellner resigned then; though they had other reasons as well, they were both resentful about not being consulted more...
Greenspan is not likely to make the same mistake twice, especially because Malkiel, 42, and MacAvoy, 41, are at least as independent and outspoken as their predecessors. Of MacAvoy, a friend says, "Paul has a Chicago temper. He will stand up and take you apart." Philosophically, both men share Greenspan's free-market approach to economics, though neither is considered an ideologue...
...bring to the CEA expertise in areas of critical importance to the Administration. Malkiel will generally involve himself in such broad economic subjects as monetary policy and tax matters. A specialist in money markets, he favors a mix of Government programs that would spur business spending to boost production. MacAvoy concentrates more on particular markets, like transportation, than on the overall economy. Among other things, he has advocated deregulation of the price of natural gas, a field in which he is an acknowledged expert. If nothing else, the quality of the latest appointments should go far toward restoring the professional...