THE accompanying story was prepared with the help of TIME's Board of Economists, who met with the editorial staff for a day-long appraisal of the U.S. economy. Members of the board, which meets four times a year, spoke as individuals and not as representatives of the institutions with which they are associated. Present were:
David L. Grove, vice president and chief economist, IBM.
Walter W. Heller, professor at the University of Minnesota, former chairman of the President's Council of Economic Advisers.
Arthur M. Okun, a senior fellow of the Brookings Institution, former chairman of the CEA.
Joseph A. Pechman, director of economic research at the...