Word: okun
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Dates: during 1970-1979
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Arthur M. Okun made the comments before an audience of over 200 at the Science Center last night as this year's Godkin lecturer. The lecture was the first in a series of three to be completed tonight and tomorrow night...
Recession is a dirty word to politicians and one that even economists use with some trepidation, partly because it is difficult to define precisely (see box next page). Nonetheless, five of the nine members of TIME'S Board of Economists -Otto Eckstein, Walter Heller, Robert Nathan, Arthur Okun and Joseph Pechman-declare that the U.S. economy is heading into a recession, one that cannot be blamed only on the direct effects of the fuel shortage...
...seriously weakened consumer demand for cars; for housing, especially in distant suburbs; and for the merchandise sold by suburban stores that are reachable only by auto. So, they argue, the slump is taking on the characteristics of an old-fashioned recession caused mainly by inadequate buying. Heller and Okun fear that oil and gasoline price jumps will divert by $15 billion to $20 billion the amount of money that consumers have to spend for nonpetroleum products...
Arthur M. Okun, a member of the Council of Economic Advisors and a fellow at the Bookings Institute, will deliver this year's, Godkin lectures April...
Arthur M. Okun, a member of the Council of Economic Advisors and a fellow at the Brookings Institute, will deliver this year's Godkin lectures April...