Word: okun
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...almost 40 years the formula worked. Increased Government spending stimulated demand; companies hired more workers to meet the demand; then employees spent, bringing forth more demand and more production, and the virtuous cycle continued. But, says Economist Arthur Okun, long a Keynesian Counsellor to Democratic Presidents: "We were victims of our own success and a good press...
Most of these developments eventually would have occurred even if Carter had not introduced his new energy package. But his complex and costly program, provided it is ever enacted by Congress, will accelerate the trends by stimulating investment and spurring technological breakthroughs. Says Economist Arthur Okun: "If there is an Edwin [Polaroid] Land or a Hewlett or a Packard in the country with a bright idea for energy production, a big carrot is being held...
...Salomon Brothers; Paul Hall, president of the seafarers union; Walter Heller, economics professor at the University of Minnesota and member of the TIME Board of Economists; Jesse Hill, Atlanta businessman; Reginald Jones, board chairman of the General Electric Co.; Lawrence Klein, economics professor at the University of Pennsylvania; Arthur Okun, senior fellow at the Brookings Institution and a member of the TIME Board of Economists; Harold Somers, economics professor at U.C.L.A.; Marina Whitman, economics professor...
...Administration last week also started phasing out oil price controls in an effort to stimulate both increased domestic production and decreased consumption. With controls loosening, U.S. prices will rise whenever cartel members post increases. Economist Okun figures that a $1 raise by OPEC adds $4 billion to U.S. prices and drains $4 billion from U.S. consumer purchasing power. Admits Inflation Adviser Kahn: "The standard of living is going down, and there is nothing that I can do about it. The question is how to divide the burden without tearing ourselves apart...
...TIME economists are satisfied with the Federal Reserve Board's middle-of-the-way monetary policy. One exception is David Grove, who argues that a much tighter money policy and a deep recession are needed to wring inflation out of the system. As the recession deepens, Okun would prefer that the Fed ease off and promote some expansion of money supply, which has been fairly tight over the last six months. Warns Okun: "Keeping to that policy in a recession is like wearing an overcoat in summer...