Word: okun
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...goal: to slow inflation-not stop it cold. Says Ray Jallow, economist for the United California Bank: "Without the program, inflation for the first quarter of 1972 would have been 4% or 5%; most likely, inflation will instead be kept at about 3% for the first quarter." Adds Arthur Okun, a member of TIME'S Board of Economists and adviser to several Democratic presidential contenders: "So far, I grade Phase II at a solid...
...example, Robert Triffin, one of the world's leading monetary experts and master of Yale's Berkeley College, accurately predicted a world monetary crisis that would result in the revaluation of foreign currencies. Perhaps the most startling look forward came later that year, when Arthur Okun, a senior fellow at the Brookings Institution and a former chairman of the Council of Economic Advisers under President Johnson, outlined in detail an incomes policy. The proposal, preceding President Nixon's wage-price freeze by nine months and Phase II by well over a year, shared several important characteristics with...
...Arthur Okun...
Many economists and businessmen, however, were more inclined to stress the indefinite nature of much of the program. "Until I see the flesh on the skeleton, I can't tell whether the girl is beautiful or not," quipped Arthur Okun, former chairman of the Council of Economic Advisers. Joseph Pechman, director of economic studies at the Brookings Institution, complained that Nixon "is providing machinery, but not yet a policy for restraining wages and prices." In the judgment of George Sheinberg, treasurer of Bulova Watch Co., the impact of the program "is going to depend almost entirely on the people whom...
...True enough, the more moderate consensus approach has serious drawbacks and risks. It consists, as Okun says, of "controls for the big fellow and sermons for the little fellow." Okun justifies the seeming unfairness by drawing a distinction between economic "whales" and "minnows," and contending that "careless swimming by the whale and careless swimming by the minnow are very different matters so far as the safety of the creatures of the sea is concerned...