Word: keynesian
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Dates: during 1950-1959
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...apply the full logic of K. & A.'s citizen-capitalism. Instead of broadening the base of capitalism, they argue, the U.S. merely redistributes earnings through an elaborate, makeshift system including the steeply graduated income tax, arbitrarily fixed high wages, surplus-producing subsidies, featherbedding, Keynesian deficit financing, etc. Through such "creeping socialism," labor's share of the wealth produced has increased from an estimated 50% in 1870-80 to 70% in 1956. Yet this redistribution, argue K. & A., while it may have been necessary to boost mass purchasing power, is unjust...
Robert Frost intones flippantly in his latest attempt to still the clatter of the Machine Age and to put man in his proper place. Summer Slichter, not in the realm of morality, but certainly in the musty halls of tradition, takes a well-aimed iconoclastic swing at Keynesian economics. If his argument is not convincing to the conditioned minds of the New Deal, it represents a refreshing conservatism, too seldom well expounded...
...frank, Ec 1 seems to be controlled and guided by Keynesian economists and New Dealers (some of whom have served as advisers to President Roosevelt and Truman) who appear to be unable or disinclined to detach themself as scholars from the controversial political and social issues which involved those two politicians. Consequently, most lectures and some sections in the course often degenerate into a simple apologia for the New Deal...
...fact is that virtually no non-Keynesian economics, that is, "classical" or "laissez-faire" economics, finds its way into the course, except in derogatory terms. In Samuelson's "Economics," basic reading for Ec 1, Ludwig von Mises and Friedrich A. Hayek are relegated to two brief footnotes each (Yes indeed, who are they?). Wilhelm Roepke isn't even mentioned. In one of the sections, Henry Hazlitt was denounced as representative of the most "reactionary" economic views today, fortunately limited only to a "fringe" group. There is practically no analysis this year of Adam Smith, Spencer, Alfred Marshall, W.G. Sumner...
Summers, however, in his usual hustling economic reforms, he stated. "Collective bargaining, equalizing of funds, graduated income tax, and the Federal Reserve System, were elements of Wilson's economic policy which show that he went far beyond the merely negative policy of trying to resume competition," the leading Keynesian economist concluded...