Word: samuelson
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Dates: during 1960-1969
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...actually Kennedy's closest economic adviser-and stands a good chance of remaining so in Washington-is M.I.T. Professor Paul A. Samuelson, 45, who is considered by colleagues to be both sound and brilliant in his economic thinking. Samuelson has watched closely and written lucidly about the U.S. economy, considers himself "the last of the generalists." His widely used textbook, Economics, An Introductory Analysis, is the bestselling (1,000,000 copies) economic textbook of all time...
Recession Talk. But the rosy talk of boom on top of boom also brought out some doubters. Vice President William F. Butler of the Chase Manhattan Bank told the committee that "one would look for another recession starting some time in 1961." From Professor Paul A. Samuelson of Massachusetts Institute of Technology came the warning of "a slowing down of the rate of expansion in the last half of 1960, with a downturn to follow some time in 1961." The idea of a 1961 recession, based on postwar economic cycles, is not new, but it is also based on economic...