Word: keynesian
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Dates: during 1990-1999
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...Rubin emerged having promised nothing -- and said everything. "The U.S. is being quite candid," says TIME business correspondent Bernard Baumohl. "Japan must do something to revive their economy." What the U.S. has in mind are not only long-term structural reforms but a very simple short-term Keynesian solution of government spending and tax cuts. But despite repeated promises by Prime Minister Hashimoto, Japan's government has been frustratingly slow...
Galbraith has published widely in the areas of Keynesian and post-Keynesian economics and has been an active and outspoken purveyor of lib- INGeral ideology during the second half of the century...
F.D.R., however, proved a reluctant convert; in 1937 he was still pining for a balanced budget, something that Keynesian economists warned would turn the "Roosevelt recession" into another full-fledged depression. Roosevelt's advisers accordingly persuaded him to seek to increase consumption. The answer to the question "What can you do for your country?" became "Consume." Thrift became wasteful, shopping patriotic--laying the groundwork for the I-consume-therefore-I-am society of today...
...addition, many believe that, in all likelihood, Clinton's tax hike will force them to hire fewer employees in the future. Only the most die-hard Keynesian still believes we can tax and spend our way to economic prosperity. Nonetheless, Clinton seems to fall into this category as even his health care plan involves higher taxes...
...Probably somewhere between Roosevelt and Kennedy. The economy is not as devastated as it was under Roosevelt, and the changes we need to make don't involve as much Big Government or Keynesian economics, but they are quite profound. There's a sense that we need to get the country moving again. That's what Kennedy brought to the White House. But structurally the things we have to do here at home are more profound than what we had to face...