Word: okun
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DIED. Arthur Okun, 51, liberal economist and chairman of the Council of Economic Advisers under President Lyndon B. Johnson; of a heart attack; in Washington, D.C. Adviser to three Democratic Presidents and many corporate leaders, and a member of TIME'S Board of Economists, Okun was known for his handy formulations as well as his economic analyses. If the elusive recession ever comes, it will be identified by Okun's universally used definition: two consecutive quarters of negative G.N.P. growth. In the early 1960s he devised Okun's Law: for every 3% jump in economic growth, unemployment...
...renewed effort to cut federal spending is also gathering force. The 1981 budget submitted only five weeks ago is virtually a dead letter. Administration officials are now hoping to reduce the proposed $15.8 billion deficit to zero. Some top economists like Arthur Okun want an extra $15 billion or so in federal fat removed from the current budget, which ends in September...
...nest eggs or go into debt to support their living standards. Joseph Pechman of Washington's Brookings Institution, on the other hand, suggested that much of the shopping splurge has been attributable to a consumer compulsion to buy now before prices shoot into orbit. Yet Brookings Economist Arthur Okun noted that considerable spending has been for goods like furniture and clothing, which have been rising in price far more slowly than other consumer items...
...period in which inflation would still be hung up in double digits and unemployment would be growing. But for all the President's candor, the policy he outlined in his message and the new budget that preceded it were getting blasts last week even from Democrats. Said Arthur Okun, chief economic adviser to President Lyndon Johnson: "This is a program for muddling through an election year. It does not make hard choices...
...ensure only higher prices and lower growth. During the twelve years that inflation has been building up, Presidents have looked for painless, quick solutions that would get them past the next election. Carter now anticipates that national attention will remain focused on foreign concerns and off inflation. Says Economist Okun: "The President is running for re-election as military Commander in Chief. He has good reason to hope that nobody pays much attention to the domestic economy...