Word: keynesian
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...esteem in which Keynes had been held. Reeling from two energy crises, a severe recession and other shocks, the economy began to behave in ways that the experts had once thought impossible. Most disturbing, high levels of inflation and unemployment came together in a painful new ailment dubbed stagflation. Keynesian prescriptions seemed only to make that malady worse...
...confusion, each school makes use of economic models that reflect its pet theories. Some supply-side predictions have been overly bullish, for example, while the Keynesian and monetarist outlooks have mostly been too cautious...
Says Economist Robert Eggert, who compiles 46 forecasts in his Blue Chip Economic Indicators: "The model that would probably work best would be a combination of supplyside, Keynesian and monetarist views. But it exists only in the forecasters' heads...
...among economists, conservative thinkers now seem to be ahead. Says Harvard's Feldstein: "All mainstream practitioners are more monetarist, more supply-side oriented, and less Keynesian today than they used...
Still, Nobel Economics Laureate James Tobin, an outspoken Keynesian, can persuasively describe the current boom as _ mainly a result of deficit spending. Far from being a supply-side victory, he says, the recovery represents "an accidental and classic Keynesian dose of fiscal and monetary stimuli...