Word: thurow
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Other experts, including Lester Thurow, the prominent MIT economist and author, predicted less drastic results, but all agreed that the argument used by the administration and conservative legislators--that lower taxes will aid all aspects of the economy--will probably not make up for the universities' losses...
Many prominent economists, such as James McKie of the University of Texas and Lester Thurow of M.I.T., argue that large-scale mergers can enhance industrial efficiency by creating economies of scale. In the jargon of management, mergers create corporate synergism: two plus two can equal five. Combining two companies under one management can reduce administrative overhead and bring fresh leadership to a tired company. The new firm can order raw materials in large quantities or use new technologies to reduce production costs. The result: lower prices and better goods for consumers...
...business?especially those industries, such as electronics and computers, that are expanding rapidly in a generally lackluster economy. This would both weaken the nation's global competitive position and cause inflationary shortages. Says Thurow: "You will see the wages for engineers go through the roof in Boston, Dallas, Fort Worth, Los Angeles, San Francisco. Certain types of equipment will get very expensive." The resulting pressure, Thurow argues, could be contained only by a rate of productivity growth greater than the U.S. has experienced in 16 years (productivity actually declined in 1980). Or it would have to be paid...
...Thurow's worries are challenged by Herbert Stein, a chairman of the Council of Economic Advisers under President Nixon. Defense expenditures, Stein argues, will be partly offset by Reagan's deep cuts in social spending. Income tax reductions will prompt enough saving and investment to spur productivity growth. In any case, Stein and like-minded economists point out, even in fiscal 1986, at the end of Reagan's planned military buildup, defense outlays will consume only about 7% of the gross national product?no more than in the late 1950s and early 1960s, when the U.S. enjoyed noninflationary prosperity...
Jumping from one job to another has become endemic in the American economy. In 1980 the average U.S. manufacturing firm lost 4% of its workforce every month. What this means is analyzed by Lester C. Thurow, professor of economics and management at M.I. T. and a member of TIME'S Board of Economists...