AN INTERNATIONAL VOICE FOR VIEWPOINT
For many years, BUSINESS WEEK has offered readers the opinions of prominent commentators in its Economic Viewpoint column. We are proud that one of them, Gary Becker of the University of Chicago, received the Nobel prize in economics last year. And we are pleased that Alan Blinder of Princeton University will become a member of the Clinton Administration's Council of Economic Advisers--although that means he will no longer write a column for us.
Fortunately, we have a top-notch replacement in Rudiger Dornbusch, who launches his column this week (page 18). He joins Becker, Paul Craig Roberts, and Robert Kuttner in weekly rotation--offering different perspectives on economic issues. Dornbush brings a wealth of knowledge, insight, and wit to the task. Born in Krefeld, Germany, in 1942, Dornbusch received his doctorate in economics at the University of Chicago in 1971 and has taught at Massachusetts Institute of Technology since 1975. A "baby monetarist" at Chicago, today he describes himself as a "pragmatic conservative economist."
An expert on international economics and macroeconomic policy, he was at President Clinton's Little Rock "teach-in" and has advised numerous governments. He is also co-author, with his MIT colleague and Chicago classmate Stanley Fischer, of the best-selling text Macroeconomics. Among his former students are high-ranking officials in Chile, Italy, Mexico, and Portugal.
Rudi Dornbusch has always been provocative. As the U. S. dollar began to fall in the mid-1980s, few economists knew how far it should drop. Dornbusch was emphatic: "It has to drop at least another 10%!" Time proved him right. Remember that while reading this week's column, which urges the revaluation of Asian currencies.
Stephen B. Shepard