Word: samuelson
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...wages in equivalent job categories, but the CEA was unable to say how much of the discrepancy was due to outright discrimination. Last week CEA Chairman Herbert Stein revealed that recent studies show women get 10% to 20% less pay simply because they are women. With that, Economist Paul Samuelson advised women to exert more pressure, and suggested to employers: "Try not discriminating-you may like...
...pleasure a husband derives when his wife cooks a gourmet meal instead of popping a TV dinner into the oven. Now, a more sensitive gauge has appeared in a place that guarantees it wide attention: the ninth edition of Economics, the classic college textbook by Nobel Laureate Paul Samuelson...
...indicator, which M.I.T.'s Samuelson calls "net economic welfare," or N.E.W., is based on a pioneering study by Yale Professors William Nordhaus and James Tobin. Basically, N.E.W. tries to measure some of the more slippery realities not included in G.N.P. In N.E.W. terms, for example, the generally higher salaries collected by city dwellers are in a real sense worth little more than the lower wages paid in the countryside, because megalopolitans must pay much more for garbage collection, crime control and other services to achieve the same level of well-being as their rural cousins. The extra cost...
...Samuelson frankly concedes that an increase in N.E.W. growth would have to come at the expense of conventional economic expansion. On the basis of the Nordhaus-Tobin study, Samuelson calculates that N.E.W. has grown much less than G.N.P. since...
Some economists, like Arthur Okun, a member of TIME's Board of Economists, fault N.E.W. as an attempt to measure the unmeasurable; others, including Walter Heller, also a member of the board, applaud it as a step in the right direction. Samuelson himself admits that the N.E.W. is relatively primitive, but argues that "it is better to have an inaccurate sense of what we want than an accurate sense of what we do not want." He hopes that the inclusion of the N.E.W. concept in his textbook, which is used by nearly one-third of all college economics students...