Word: marketed
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Dates: during 1970-1979
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Starting with Nobel and such other "merchants of death" as Alfred Krupp, Andrew Carnegie and the duPont family,Arms Bazaar by Anthony Sampson, a British journalist, traces the rise of the international arms market. As any good front-page journalist does, Sampson pays sharp attention to detail and leaves the analysis to more sophisticated writers. He merely tries to trace the industry point-by-point, producing an account valuable for researchers and pleasure readers...
...letter hand-carried by an aide to Federal Reserve Chairman Arthur Burns two weeks ago, Reuss charges that the board "has lost control of the money supply." Reuss perceives at least two dangers to the economy: 1) "a real threat of nourishing inflation in 1978," 2) a deeper stock market slump, because investors may sell shares out of fear that the board will have to slam on the brakes suddenly...
...runaway rise and fall? Some money-market analysts suspect that Burns and his colleagues may simply have misjudged the strength of the recovery, and pumped out more than the economy needed or could use. A more technical reason is an increase in money "velocity" -the speed at which money moves from checking account to checking account. Critics fault the Fed for not anticipating that this factor would make money supply grow more quickly than it wished...
...revenues rose 35% last year, to just over $17 million, and profits climbed 70%, to $1,502,000; they are growing somewhat faster this year. That has made Eckstein, at 50, probably the richest American economist. Since DRI went public last November, the shares have bucked the bear market and risen from $11.50 to $18 bid, giving Eckstein and his family a stake of more than $4 million...
Eckstein sold his idea to Wall Street's Donald Marron, chief executive of Mitchell, Hutchins, the investment advisory firm.* In 1969 it raised $1.1 million in seed money and became a founding partner in the company. DRI was not the first firm to market econometric forecasts; Lawrence Klein, who developed an econometric model of the U.S. economy shortly after World War II, has been selling forecasts from his famous Wharton School model for five years longer. But Eckstein's marketing flair and his computer time-sharing innovation have made DRI by far the biggest in the field...