Word: understands
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Dates: during 1970-1979
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ECONOMISTS aren't the only people who don't understand what's happening to the American economy; their confusion just shows more than anybody else's--they're supposed to understand. But the public today hears only conflicting reports--"We're sailing in uncharted waters," "This is unexplored territory," and a growing fear that the 50th anniversary of the 1929 disaster may be more than a mere commemoration...
...world applications, they broke ranks in characteristic confusion, and gave the nation nothing more than a picture of academe at its worst--a group of grown men playing with charts, tables and numbers, more interested in defending their own theories and schools of thought than in helping the nation understand its economic agony...
Instead of fooling with "monetary aggregates" and free-floating interest rates--which the public doesn't understand, and would probably fight if it did--the federal government could take steps to enforce gasoline conservation, either directly by legislated requirements for Detroit or indirectly by an exorbitant gas tax that would force car-makers to produce more efficient autos. There would be inevitable problems to work out, but the public would see a concrete step against inflation much more comprehensible and palatable than Volcker's fiddling...
...should people understand that inflation and oil prices are bound up when their top economic officials and their media economists, like Newsweek's Friedman, tell them they aren't? Volcker's path leads to economic chaos, not because economists don't understand how it will work, but because it ignores principles even non-economists can understand...
...Democratic Left must understand its history is not a failure," Soglin said last night. "The Left should not downplay its own influence...