Word: okun
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Dates: during 1970-1979
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...sell 175 F-4 Phantom jets to West Germany for $1 billion. Laird said that the decline of the value of the dollar in relation to the Deutsche Mark, which in effect cuts the price of the fighters for the West Germans, helped make the sale possible. GUIDELINES. Arthur Okun, chairman of the CEA under President Johnson and a member of TIME'S Board of Economists, suggested limiting wage hikes to 5% and price increases to 2% following the freeze. The Cost of Living Council ruled that prices that fluctuate seasonally, like those of tourist hotel rooms...
THERE is a little joke going around in economic circles that at the time Henry Kissinger secretly went to China, Democratic Economist Arthur Okun was slipped into the White House by the back door and in disguise. His mission: to talk President Nixon into changing policy on inflation, jobs and the dollar. Indeed, the President's new package contains many ideas long advocated by Okun and the eight other members of TIME's Board of Economists. The board cheers Nixon's new activism. "It's a triumph in common sense," says Otto Eckstein. Walter Heller agrees...
WAGE-PRICE FREEZE. "It's a dramatic change of direction," says Arthur Okun, "and we have bought time. But I'm sorry that it was so late. I can't see any President ever again staying completely out of wage and price decisions." Adds Walter Heller: "Now that the initial euphoria is wearing off, the country is rightfully saying, That was great for openers, but where do we go from here?' After the 90-day freeze, do we slide into a straitjacket of mandatory controls, or do we use this time to develop...
...supremely self-confident and holds quietly but firmly to his ideas. With assured, professional phrases, he is an able and articulate advocate of Administration policy. Though he retains personal friendships with many Democratic economists, Shultz has launched sharp attacks on others who have questioned his policies, especially Arthur Okun, former chairman of the Council of Economic Advisers. One of Shultz's main targets is Burns' Federal Reserve, which he severely criticized for not putting out enough money during last year's General Motors strike...
WALTER HELLER, University of Minnesota professor and former chairman of the CEA. ROBERT NATHAN, head of Robert R.Nathan Associates, a Washington-based economic consulting firm. ARTHUR OKUN, senior fellow of the Brookings Institution, former chairman...