Word: keyneses
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Two men get the principal credit for spotlighting forced saving: 1) Leon Henderson, OPA price fixer, talked ominously last February about the "inflationary gap." This year, said Henderson, in round figures, our spendable national income will amount to $80 billions. Only $65 billions of consumable goods (1941 prices) will be...
>Noel Sargent, secretary, National Association of Manufacturers: "I do not favor the plan of forced savings, because the English plan provides that it shall be paid back from, as Mr. Keynes proposes, a capital levy after the war is over."
The plan would be voluntary; employers would contribute the whole fund; and the Treasury would get the money now, when it needs it. The plan also included a neat inflation brake: although there would be no deduction from current wages, 75% of all wage increases would go into the fund...
The English Department will have decided that F. Scott Fitzgerald is far enough in the past to have theses written about him. History and Literature professors will speak of the strain of mysticism running from John Donne through T. S. Eliot to A. A. Milne and the Freudian significance of...
"All other things being equal" is to the economist what blinders are to a horse--a means of getting somewhere without having to pay attention to the scenery en route. A good many modern economists still wear these blinders. But since Veblen and Keynes economic theory has realized that the...