Word: samuelson
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Dates: during 1970-1970
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Nobel Laureate Paul Samuelson identifies another source of trouble: the power of unions and companies that makes them largely independent of market pressures. To take an egregious example, unemployment among aerospace engineers?or even hardhats?does not affect the behavior of the monopolistic construction unions, which rigidly control access to jobs and concentrate on seeing to it that any of their members who remain at work are well paid. Similarly, Samuelson notes, the law of supply and demand does not exert the same effect on giant companies that it once did on small producers in a simpler economy...
...week that it would abandon the wage-price guidelines that it had been trying to induce business and labor to follow. Even some liberal economists tend to be skeptical of such experiments. "A young man might win himself a Nobel Prize for developing a workable incomes policy," says Paul Samuelson...
Solow is known as a quiet man, not at all pompous, and is held somewhat in awe at M. I. T., where he and Paul Samuelson are the mainstays of the Economics Department...
...only race where ecology turned into the clearest political issue was in Idaho. Cecil Andrus, 38, a Boise insurance executive, became the first Democrat elected Governor of the state since 1944. He defeated Incumbent Don Samuelson partly by opposing a Samuelson-backed mining development proposed for Idaho's scenic White Clouds region...
Samulson was informed of the decision at 5:45 yesterday morning. His first thought upon hearing the phone ring was that "one of my children has been in an auto accident." It wasn't that at all. After the initial shock had worn off, Samuelson said, "I thought the news was kind of nice...