Word: keynesian
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...Restraints. A pragmatic, neo-Keynesian economist. Schultze favors a temporary tax cut of undetermined size to stimulate the economy and help reduce unemployment. Unlike the present head of the CEA. Alan Greenspan, Schultze thinks it is socially disastrous to combat inflation by keeping the lid on the economy and keeping unemployment high, says fellow Economist Arthur Okun. On the other hand, Schultze, no doctrinaire, fully appreciates the dangers of inflation. It was largely his testimony that brought about the drastic revision of the Humphrey-Hawkins bill, which would attack unemployment by making the Government the employer of last resort...
...Friedman's citation, "for an economist to wield such influence, directly and indirectly, not only on the direction of scientific research but also on actual policies." One of Friedman's most influential achievements goes back to the 1950s, when he refuted a once widely accepted element of Keynesian economics: the idea that rich people save a greater proportion of their incomes than do the poor. Among other implications, this meant that developing countries should preserve a big gap in income between rich and poor, in order to encourage growth. Friedman countered that notion with his own theory...
Cult Hero. Since the 1960s, when most economists were committed to the Keynesian view that a balance between inflation and unemployment was best maintained by a "fine tuning" of Government spending levels and other kinds of intervention (including controls), the policymakers have indeed paid more attention to monetary factors. That trend has been reinforced because Keynesian stimulative measures for a while seemed to perform uncertainly during the recent bout with "slumpflation." Many economists still feel that Friedman's following remains more of a cult than a school, but the Federal Reserve Board recently made a bow to Friedmanism...
...many underdeveloped countries, the federal government is finding it increasingly difficult to manage an economy dominated by global corporations. The traditional tools of Keynesian monetary and fiscal policy no longer seem applicable. Global corporations have created off-shore banks which allow them to control their own credit supplies, thereby subverting the efforts of the Federal Reserve System to regulate the economy through control over the money supply. Similarly, the corporations have been able to wield the same weapon against U.S. fiscal policy as they have against those of Latin American governments: "transfer prices" (the manipulation of internal transactions to minimize...
...fill even one newspaper page, are apologetic for the superficiality and skimpiness of what they do. They hope to see network news shows extended to a full hour. Perhaps they should relax a little: in four minutes a night, they are not going to make anyone knowledgeable in Keynesian economics. All forms of journalism have their own point of satiety. Richard Salant, president of CBS News, says that Cronkite "has often said, but never meant" that he longs to end a broadcast by saying, "For further details, read your morning newspaper." Why shouldn't Cronkite mean...