Business: Expert Insights

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...

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