Word: okun
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...number of Carter advisers, notably Arthur Okun and Charles Schultze of the Brookings Institution, argue persuasively that inflation could be lowered by a "social contract" among Government, business and labor. One formula: the Government would promise workers an increase in real incomes if pace-setting unions agreed to hold wage raises below a certain level. If they did, but price rises continued to eat into wage gains, the Government would cut taxes so that incomes would still go up. Organized labor has ignored or rejected such proposals before. But Schultze thinks that unions could now be persuaded to cooperate...
Last week, at a meeting of TIME'S Board of Economists in Manhattan, the experts divided sharply along political lines. The Democrats, led by Walter Heller and Arthur Okun, feel that the economy is behaving like an engine that could use more steam. The Republicans -Beryl Sprinkel and Murray Weiden-baum-believe that considering how much progress has already been made, the engine is working just fine...
...Carter may have some surprises too. Okun, a senior fellow at Washington's Brookings Institution, spent some time with the candidate and believes that he is going beyond inflated campaign rhetoric when he puts "a lot of weight on getting a balanced budget...
...inflation and unemployment, though declining, will remain high by all historic standards. In the fall political campaign, Republicans will harp on how rapidly production, inflation and unemployment are improving; Democrats will bitterly complain that all are still far from anything that could be touted as full prosperity. Says Arthur Okun, a senior fellow at Washington's Brookings Institution: "You'll think they are talking about two different countries-and they'll both be right...
...budget jeopardizes the vitality and duration of the recovery," says Arthur Okun, a senior fellow of the Brookings Institution. University of Minnesota Professor Walter Heller adds: "To hit the brakes when unemployment and economic slack are still legion and inflation is ebbing would be fiscally irresponsible...