Word: ratings
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Dates: during 1960-1969
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Harvard's rate of return on investment was lower than that of 25 educational institutions whose carvings over the past ten years have been studied by the Ford Foundation...
...general monetary matters, Burns seems sympathetic to Conservative Economist Milton Friedman's theory that the Federal Reserve should expand the money supply at a fairly steady rate of 2% to 6% a year, depending on economic conditions. Friedman often debates economic policy with Burns on holidays in Vermont, where the two economists have vacation homes next to each other. Not surprisingly, Friedman hailed Burns' appointment as "splendid." Friedman admits, however, that "Arthur takes a long time to make decisions, and once he has made them, it is very difficult to get him to change his mind." Economist Raymond...
Impetus to Inflation. Toward the end of Martin's tenure, the Federal Reserve became rather too flexible. Between late 1966 and mid-1967, for example, it swung from expanding the money supply at a 1% annual rate to letting it grow at a 13.5% annual rate, then tightened it again. The last loosening occurred in the summer of 1968, and Martin now admits that it was a mistake that gave a fresh impetus to inflation...
...before being named Special Counsellor to the President, he suggested that the tax increases and spending cuts then contemplated would not be enough to contain inflation. Once ensconced in the White House, he optimistically judged in April that it would be reasonable to expect the Administration to bring the rate of inflation down to 3% for 1969. It is now running at 6%. Nevertheless, Burns brings to his new job a formidable reputation for being right more often than wrong, and the power that comes from being a longtime trusted adviser of the President...
...That view is questioned by Wayne Jervis, formerly In-terpublic's new-product chief, who now heads his own product-development agency. "We are going through a phase when there are too many new products -some perhaps that are not meeting real needs," he says. Considering the crushing rate of new-product failure, that is indeed an understatement...