July 14, 1983

The heat is on Paul A. Volcker, the heat of a clammy Washington summer, and of television lights, and of politicians, businessmen, labor leaders and economists - few of whom believe he is doing his job quite right and none of whom professes to know how to do it much better. There is such heat on Mr. Volcker right now because as chairman of the Federal Reserve Board, he wields more power over the turbulent domestic economy, and even the world economy, than anybody else. Together with his six fellow governors of the reserve board and the presidents of the 12 regional Federal Reserve banks, he can change the direction of much that matters in the American economy. In so doing, the central bank can influence the outcome of national elections.

Bill Wareham's family wanted to see more of him. So he quit the Merchant Marine after six years of service and got a job as a supervisor trainee with Consolidated Edison last June 20 - just two days after the strike started. He has been home twice in the last 17 days. The union members are walking the picket line, but Mr. Wareham is a manager, and so he works 12-hour days at the East 74th Street generating station during the first Con Edison strike in 15 years. At home in West Hempstead, L.I., his wife, Maureen, wonders when it will end. Mr. Wareham thinks his children, Stephen, 3 years old, and Christina, 18 months, are ''a little confused'' over his whereabouts.

The New York University law school must build an extension of its library or face ''a crisis in accreditation,'' the school's dean told the city's Planning Commission yesterday. The dean, Norman B. Redlich, showed the commission a map of the library addition. The law school has proposed building it underground below Sullivan Street.

Retail sales cooled somewhat in June after strong month-to-month gains in the preceding three months, but were up sharply from the weak performance of a year earlier, according to Government figures released today. The Commerce Department said retail sales for the month rose seven-tenths of 1 percent from May and 12 percent over June 1982. The June gain put second-quarter sales 25.7 percent above the first three months of the year after adjusting for annual seasonal variations.

Canada is violating world trade rules by imposing too many curbs on foreign investors, a GATT panel ruled. The decision, in response to complaints by the U.S., noted in particular Ottawa's requirement that foreign companies buy Canadian raw materials for their manufacturing. The ruling could permit the U.S. to take reciprocal actions against Canada. (Page A1.) China and Britain ended two days of talks on Hong Kong. They said merely that more talks will be held in two weeks. (A4.)