Word: okun
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Dates: during 1970-1979
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...wage-price spiral, and stimulating business enough to bring the jobless rate down from 6.1% toward 4%, which most economists define as practical "full employment." By itself, the freeze will come nowhere near achieving either objective. If it is succeeded by a weak, waffling Phase II, warns Arthur Okun, a member of TIME'S Board of Economists, the nation will be "no better off on the inflation front than if nothing had been done-perhaps worse off because of disappointed expectations...
...guideline would have a double standard: prices would not be allowed to rise as fast as wages. Arthur Okun reckons that the price line should be held to 2% annually. That would not be as inequitable as it seems. Productivity gains will offset some of the wage rises, so that a 5% pay boost would not mean a 5% increase in the unit labor costs that companies must pay. Also, workers would have limits placed on their pay raises, but companies would have no limits on their profit increases, which should rise high in a period of business recovery...
...ARTHUR OKUN, senior fellow of the Brookings Institution, and also a former chairman...
...world finance. Most economists-and the Nixon Administration-believe that the role of gold should be reduced, or even eliminated, in any long-range overhaul of the international monetary system. Still, there are ways of managing a gold price boost so that it would be what Economist Arthur Okun calls "severance pay" for cutting the monetary tie to gold. The U.S. could couple an increase with a formal announcement that the Treasury would no longer buy or sell any gold; that would make the increase only a bookkeeping entry for the U.S., although the Europeans could still claim victory. Negotiations...
...correspondents cover economics full time in various cities, including Brussels, the Common Market headquarters. The section will also rely heavily on the nine noted experts who make up our Board of Economists, including two former heads of the President's Council of Economic Advisers, Walter Heller and Arthur Okun...