Word: okun
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Dates: during 1960-1969
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...Viet Nam might bring on wage and price controls, as the Korean War did, which would dampen profits and decrease stock values. But last week Commerce Secretary John T. Connor told a Washington conference that there was "no indication now" of controls being necessary. Administration Economics Adviser Arthur M. Okun put it more strongly. Said he of the Korean-style control system: "There is no earthly reason why we should want to or need to travel that route again...
...towers and now sit confidently at the elbow of almost every important leader in Government and business, where they are increasingly called upon to forecast, plan and decide. In Washington the ideas of Keynes have been carried into the White House by such activist economists as Gardner Ackley, Arthur Okun, Otto Eckstein (all members of the President's Council of Economic Advisers), Walter Heller (its former chairman), M.I.T.'s Paul Samuelson, Yale's James Tobin and Seymour Harris of the University of California at San Diego...
...basis not only for correcting the 1960 recession, which prematurely arrived only two years after the 1957-58 recession, but also to spur an expanding economy to still faster growth. Kennedy was intrigued by the "growth gap" theory, first put across to him by Yale Economist Arthur Okun (now a member of the Council of Economic Advisers), who argued that even though the U.S. was prosperous, it was producing $51 billion a year less than it really could. Under the prodding and guidance of Heller, Kennedy thereupon opened the door to activist, imaginative economics...
Economists in and out of Government are much more bullish than they were a year ago. The economy is not only running close to optimum speed, but has no serious excesses and few soft spots. Says Economic Adviser Okun: "It's hard to find a time when the economy has been closer to equilibrium than it is today." Orders...
...year. Now the experts must decide just how much more federal and private spending the economy can take without boiling into serious inflation. Their most searching problem will be how to finance the war, achieve the essential goals of the Great Society, and sustain prosperity without inflation. As Arthur Okun, a member of the President's Council of Economic Advisers, says of full employment: "We've been chasing this rabbit for five years. Now we've got to learn what to do with...