Word: samuelson
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...handful of witnesses before the committee were divided. Nobel Laureate Paul Samuelson, a leading liberal economist from M.I.T., argued that a budget-balancing amendment would be "suicidal [because] economics is so inexact a science and the future is so unpredictable." Conservative Economist Arthur Burns, the former chairman of the Federal Reserve Board, counseled Congress to enact a law requiring a balanced budget "and then, if it works well, take the constitutional route." Another conservative, Alan Greenspan, former chairman of the Council of Economic Advisers, "with great reluctance" conceded that some form of amendment is "the only way in which...
...Paul Samuelson, 63, economist, Belmont, Mass. He points to studies going back to the 1920s to show that "putting money out at the shortest intervals has been the best hedge against inflation." So Samuelson recommends that investors place their cash in six-month certificates of deposit in savings banks; or in the money-market funds-open-ended mutual funds that invest in short-term securities such as certificates of deposit, commercial paper and Treasury bills-that offer check-writing privileges...
Another section leader said the Lipsey and Steiner book was just as challenging as Samuelson's book and the switch did not signal a lowering of standards for the introductory economics course...
Eckstein said Lipsey and Steiner had vastly improved the macroeconomics section of their textbook, while Samuelson refused to correct the defects in his books pertaining to microeconomic theory...
...Lipsey and Steiner book costs $14.95, one dollar less than the Samuelson book. The corresponding workbook costs $4.95, two dollars less than the Samuelson workbook...