Word: moderned
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Dates: during 1970-1979
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...intellectual leader of the young economists is Harvard's Feldstein, a soft-spoken family man from The Bronx, whose looks and middle-class background and mannerisms call to mind a benign dentist. While most of his peers remain academically cloistered, concentrating on the higher mathematics and econometric concepts of modern research, Feldstein is at home in both academe and Government. He is equally comfortable pondering a regression equation for a computer program or testifying to a congressional committee, which he often does. Both political parties eagerly seek his counsel. He was an adviser to Jimmy Carter's '76 campaign, turned...
...blocked from moving from sluggish industries to more productive ones. He favors pulling investments out of "sunset" industries and allowing them to go under, while providing generous aid and retraining programs to laid-off workers. Says Thurow: "If we cannot learn to disinvest, we cannot compete in the modern growth race...
EXCESSIVE REGULATION Government rules have forced companies to spend cash on costly environmental, health and safety equipment rather than on modern machines. Earlier this year, the congressional Joint Economic Committee deplored the fact that U.S. industry in 1977 had to spend $6.9 billion for pollution-control equipment "that does not contribute directly to the production of measured output...
Aicient Athens had its bards. Medieval France had its jongleurs; Elizabethan London, its ballad singers and costermongers. Today, U.S. cities have their street musicians: modern minstrels who weave their fragile melodies over the pedal point of trucks and subways, amid a chorus of honking horns and an obbligato of blaring transistor radios...
...their minds. One California judge underwent psychoanalysis to get at the root of his inability to pass judgment. But a more fundamental problem is the way judges, particularly older ones, perceive their role. By training and tradition they are judges, not administrators or managers. That helps to explain why modern technology and management techniques have been almost totally ignored by the courts. "In a supermarket age we are like a merchant trying to operate a cracker barrel corner grocery store with the methods and equipment of 1900," said Burger in 1970. He spoke from experience. When he came...