The tradition has carried into a fourth generation with Christine, now in her 30's, who is a principal economist at the World Bank in Washington.

"I'd rather have a steady stream of maturities here," said James S. Fralick, principal senior economist at Morgan Stanley & company.

"This certainly was welcome news today, " said James S. Fralick, principal senior economist at Morgan Stanley.

"What we are missing is forward momentum," said Gary E. Huth, a principal economist at the state Department of Labor regional office in Hicksville.

"It's going to have a huge impact," said Ramesh Subramaniam, the principal economist for Indonesia at the Asian Development Bank.

Bruce Smith, principal economist for the California Department of Finance, expressed skepticism similar to Mr. Kagann's.

He was the principal economist for the department from 1942 to 1943.

He then became principal economist with the Office of Strategic Services (the forerunner to the Central Intelligence Agency), from 1943 to 1944.

"There's going to be a pitched battle over the question of exceptions to the regular discipline," said Michael Finger, principal economist for international trade at the World Bank.

From 1990 to 1997, he was a principal economist at The World Bank.