Word: nomics
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This search for a reasonable balance is not new. Ever since the days of F.D.R., critics have argued that the regulators are a too independent, too powerful and too free-spending fourth arm of Government. "The agencies today," says a leading eco nomic policymaker in the Carter Administration, "are inde pendent baronies. They're like castles on the Rhine in the Middle Ages, when each castle stopped boats and collected a toll. Each agency collects its toll...
Says Alan Greenspan, who was chairman of President Ford's Council of Eco nomic Advisers: "There seems to be some belief that you can exorcise this state of business mind by mass psychotherapy. But you can't because the attitudes are not irrational. When you are uncertain about the environment for investment, then you will not commit your money, just as someone will not run in the middle of the street blindfolded." Otto Eckstein, head of Data Resources Inc., a Boston-based, computerized economic-forecasting firm, thinks that executives' caution should not even be described as "lack...
...Action Was Required In part, at least, events forced leadership upon him. The depressing eco nomic statistics continue to accumulate. According to the Department of Commerce, the nation's output of goods and services declined by an estimated 7½% in the last quarter of 1974, the biggest annual drop since World War II. The battered auto industry disclosed that new car sales in December skidded 26% below a year ago; for 1974, they were down a punishing 23%. Unemployment has reached 7.1% and threatens to exceed 8% before the recession bottoms out ? the highest jobless rate since 1961. This...
...power and purpose, the wonder is that the sea conference is be ing held at all. But the major powers know that the days when they could partition territory among themselves (as they did last century in Africa) are gone; they are too entangled in a web of eco nomic and political agree ments for that, and too dependent on developing nations for raw materials...
...emergency took hold, the bright lights of Piccadilly Circus and Trafalgar Square were dimmed in order to conserve electricity. TIME asked British Satirist and Author Auberon Waugh (son of Novelist Evelyn Waugh) to comment on the mood of the nation in the midst of its latest eco nomic crises. His acerbic reflections, which represent a sig nificant minority opinion in Britain...