Word: okun
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...economy has been expanding so rapidly that Arthur Okun, chairman of the President's Council of Economic Advisers, last week had to reach a long way for a suitably descriptive simile. He settled for "a fat lady munching candy." Said Okun: "Nobody can promise her a lovely figure overnight if she stops nibbling, but the more she overindulges the more serious the risks become...
...President Johnson's Council of Economic Advisers, that 10%-a-year growth rate is about 21 times as much as the economy can sustain under stable conditions. "It's like trying to pour 10 oz. of water into an 8-oz. bottle," says CEA Chairman Arthur Okun. "You get water all over the table...
...L.B.J. Ranch. "We won't fire in the dark or jump in the dark," he said then. The day after his operations, members of Johnson's economic consortium-Treasury's Fowler, Budget's Schultze, Federal Reserve Board Chairman William McChesney Martin and C.E.A. Member Arthur Okun-spent a lunchtime hour at his bedside, and it was clear that nobody had jumped in the interim...
...Viet Nam might bring on wage and price controls, as the Korean War did, which would dampen profits and decrease stock values. But last week Commerce Secretary John T. Connor told a Washington conference that there was "no indication now" of controls being necessary. Administration Economics Adviser Arthur M. Okun put it more strongly. Said he of the Korean-style control system: "There is no earthly reason why we should want to or need to travel that route again...
Economists in and out of Government are much more bullish than they were a year ago. The economy is not only running close to optimum speed, but has no serious excesses and few soft spots. Says Economic Adviser Okun: "It's hard to find a time when the economy has been closer to equilibrium than it is today." Orders...