Word: okun
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Dates: during 1960-1969
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...around than the increased output of goods warranted. Naturally, prices went up faster than be fore. So far this year, the board has not increased the money supply at all, but its mistake of 1968 set back the campaign against inflation by about six months. With 20/20 hindsight, Arthur Okun, who was President Johnson's chief economist, concedes that "it has just been too easy to raise prices and wages. Nobody was scared of losing markets or jobs. Management knew that competitors would follow them rather than fight them. The villain of the piece was just too much demand...
...courage. When politicians were unwilling to raise taxes to slow inflation and narrow federal budget deficits, the board did the job by restricting money. Then Martin calmly absorbed the resulting criticism, most notably after the "credit crunch" of 1966. To blame the Federal Reserve for that, says Arthur Okun, who was Lyndon Johnson's chief economist, is "like scolding a driver who just avoided hitting a jaywalking child because he stopped short with four feet to spare...
...mildly deflationary measures because unemployment is so low. Encouragingly, economists of the Johnson Administration believe that the wage-price spiral eventually can be restrained by permitting unemployment to climb back to a politically acceptable rate of about 4%, and letting it hover there for a while. But, warns Arthur Okun, the outgoing chairman of the President's Council of Economic Advisers: "If ever there is going to be a year of bliss for the American economy, it will...
...Heller was the leading advocate of the Keynesian "New Economics"-the policy of flexibly adjusting taxes, Government spending, and the money supply to influence the economy -and he sold Kennedy on the idea of cutting taxes to stimulate business and employment. His successors, Gardner Ackley and Arthur Okun, have acted as important policymakers within the Johnson Administration. President-elect Nixon says that he will give "a major role" to the council, and he hails McCracken as "a centrist, a man who is pragmatic in his economics...
Bitter Exception. Any such solution is certainly anathema to the present Administration, would probably be distasteful to the next. Humphrey has said he is "determined" to keep joblessness at a minimum; Nixon vows to fight inflation "without increasing unemployment." In Washington, Chief White House Economic Adviser Arthur Okun took exception to the view that braking measures would have to be continued for very long. Inflation, he warned, might be less of a hazard than a prolonged slowdown, which could bring on "a stall and perhaps a tailspin...