Word: okun
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...towers and now sit confidently at the elbow of almost every important leader in Government and business, where they are increasingly called upon to forecast, plan and decide. In Washington the ideas of Keynes have been carried into the White House by such activist economists as Gardner Ackley, Arthur Okun, Otto Eckstein (all members of the President's Council of Economic Advisers), Walter Heller (its former chairman), M.I.T.'s Paul Samuelson, Yale's James Tobin and Seymour Harris of the University of California at San Diego...
...basis not only for correcting the 1960 recession, which prematurely arrived only two years after the 1957-58 recession, but also to spur an expanding economy to still faster growth. Kennedy was intrigued by the "growth gap" theory, first put across to him by Yale Economist Arthur Okun (now a member of the Council of Economic Advisers), who argued that even though the U.S. was prosperous, it was producing $51 billion a year less than it really could. Under the prodding and guidance of Heller, Kennedy thereupon opened the door to activist, imaginative economics...
...year. Now the experts must decide just how much more federal and private spending the economy can take without boiling into serious inflation. Their most searching problem will be how to finance the war, achieve the essential goals of the Great Society, and sustain prosperity without inflation. As Arthur Okun, a member of the President's Council of Economic Advisers, says of full employment: "We've been chasing this rabbit for five years. Now we've got to learn what to do with...
...spread that hardly pays their handling costs. They are afraid to raise their own prime rate (on which all other lending rates are based) because three banks that tried to do so last year were forced to retreat after President Johnson publicly criticized them. Last week Arthur Okun, a member of the Council of Economic Advisers, pointedly warned against such increases. Treasury Secretary Henry Fowler told the A.B.A. meeting in Chicago that steady interest rates are "an important factor in the greatest and best-balanced period of domestic prosperity in our history." He also privately laid down a new Administration...
...revision does not change any of the economy's basic trends. The revised G.N.P. showed that the peak of the 1958-60 expansion and the bottom of the 1960 recession occurred a quarter earlier than believed, lessons that are valuable mostly for Government economic planners. Says Arthur Okun, a member of the Council of Economic Advisers: "The new figures don't indicate that we would have followed any different policies. They do show that the economy's actual output−and potential−is higher than we thought...