Word: steins
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Dates: during 1970-1979
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...member of the Council of Economic Advisers, Herbert Stein, an advocate of free markets, argued long and hard against controls on wages and prices. But when he was summoned in mid-August to the weekend Camp David summit at which the pay-price freeze was slapped together, he recalls, "I felt a sense of exhilaration. I left all sorts of conventional notions behind." Working almost straight through from 7 p.m. Friday to noon Saturday, he drafted position papers on the options facing President Nixon; on Saturday night he wrote summaries so trenchant that, with only slight editing, they were handed...
...once asserted: "I'm a professor, not a politician." No infighter, he was elbowed aside in policymaking by Budget Boss George Shultz. When Treasury Secretary John Connally replaced Shultz as top economic-policy man, McCracken rode Connally's coattails within the Government by arguing -well before Stein-for an incomes policy. Publicly, however, McCracken became known for doggedly insisting that the Administration's original "game plan" was working well. As early as last spring, he was asking Nixon to let him return to academe...
...McCracken's successor, Stein will have the task of watching carefully over Phase II policies, of telling the President whether they are succeeding and of suggesting alternatives if they are not. Logically, that should be a special purgatory for Stein, who still harbors deep theoretical doubts about the program. But, he says, "my skepticism is subordinated to making the program work. After all, I have a sort of parental love...
...Stein has excellent credentials as a thinker who can not only adapt to but also lead changes in economic thinking. In the late 1940s, he helped develop the concept of the "full employment budget" -the idea that the Government should gear expenditures not to estimates of what tax revenues actually will be but to what they would be if the economy were operating at full employment. Nixon finally enunciated that idea as official Government policy last January...
...politics and money and newspapers and race and cigarettes lit up and put out, one suspects, is a function of her insecurity as a woman in dealing with a man's world. One wonders about the convolutions and distractions of woman's writing in the thirties and forties. Gertrude Stein, and even Anais Nin. In her next novel, Eudora Welty should imitate the solidity, the involvement with things that matter in One Time. One Place. And she is writing another novel...