Word: miltonic
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Dates: during 1960-1969
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...others: Chairman Milton S. Eisenhower, Terence Cardinal Cooke of New York City, Senator Philip Hart, Judge A. Leon Higginbotham and Psychiatrist Walter Menninger. The majority included Senator Roman Hruska, Congressmen Hale Boggs and William M. McCulloch, Author Eric Hoffer, Attorneys Leon Jaworski and Albert Jenner Jr. and Judge Ernest W. McFarland...
...point to such sources of strength as record capital investment. Still, businessmen have a sense of foreboding. That anxiety has been intensified by the bearish warnings of one economist who was once ignored and ridiculed, but whose views have lately had an important influence on Government policy. He is Milton Friedman, the leading iconoclast of U.S. economics. "We are heading for a recession at least as sharp as that in 1960-61," he warns. "There is more than a 90% chance of that. There is a 40% chance of a really severe recession, such as occurred in 1957-58, when...
...import quotas, which cost gasoline consumers at least $4 billion a year, could be revised or scrapped. Fair-trade laws, which place floors under the prices of some goods, might also be repealed. These are the sort of moves that economists as far apart as Walter Heller and Milton Friedman agree should be made...
...says. As for his own role, he adds: "all one can hope to do is move things in the direction they ought to go. I try to be specific about the ideal and not worry too much about what at the moment is realistic." By following that precept, Milton Friedman has done much to revive faith in the competitive market and to change the theories by which nations guide their commercial destinies...
...Milton Friedman's opinions have particular weight now because the Nixon Administration has placed great reliance on the policies that he prescribes to deal with the current inflation. Friedman was one of Richard Nixon's chief economic advisers during the election campaign. He did not seek a full-time job in Washington because "I like to be an independent operator," but his ideas are highly regarded within the Administration. "Milton Friedman has influenced my thinking," says Paul McCracken, chairman of Nixon's Council of Economic Advisers, who describes himself as "Friedmanesque." The two men often talk on the telephone, chat...