Word: weitzman
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M.I.T. Economist Martin Weitzman may at first appear to be his profession's version of a snake-oil salesman. In his new book The Share Economy (Harvard; $15), Weitzman claims to have found a cure-all that will end both unemployment and inflation. The trick, he says, is for U.S. industry to abandon the practice of paying fixed wages and adopt a scheme that would compensate workers in relation to their employers' revenues or profits...
...Weitzman's prescription may sound simplistic and his goals unrealistic, but the book is being widely discussed by economists and businessmen, and some reviewers are already hailing it as a breakthrough in economic theory. John Roemer, an economist at the University of California, Davis, calls it "one of the most exciting books in economics I have read in several years." In an editorial, the New York Times dubbed Weitzman's proposal the "best idea since Keynes...
...Weitzman focuses on the U.S. economy's recurrent bouts of stagflation, that mysterious malady in which growth falters but prices continue to rise. The main cause, he says, is the almost universal practice of paying employees fixed wages, often set by contract. When sales slow down during a recession, companies are reluctant to cut prices because they find it difficult to reduce wages and often in fact must increase them. Instead, managers frequently choose to slash production and lay off employees. Thus unemployment rises even as wages go up, and inflation persists...
...broken out between some pricey drug attorneys and their prosecutor peers, who tend to regard such lawyers, honest or dishonest, with indiscriminate contempt. At a recent Florida meeting attended by 200 drug defense lawyers, one attorney denounced harassing prosecutors as "young scumheads." A speaker at the conference, Howard Weitzman, the highly regarded defender of John De Lorean, said that many prosecutors are simply vindictive: "You're driving the Mercedes; they're driving the Chevy Nova. You're everything they want...
...Lorean Defense Attorney Howard Weitzman took the occasion of his victory to denounce Government sting operations generally and the use of operatives like James Hoffman in particular. The jurors, Weitzman said, felt Hoffman was a "liar" and were "offended" by the fact that he was paid about $180,000 in "expenses" for his participation in the De Lorean and other investigations. While criminal witnesses are a "necessary evil," Weitzman believes "they have gotten out of hand; these people are given a license to fabricate and invent...