Word: keynesian
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...realistic grip on trends in economics and history. Earlier than most, he understood the breakdown of 19th century imperialistic capitalism and the ways in which investments flowed toward cheap labor and eliminated jobs at home. As a Member of Parliament in the '20s, he attempted to introduce Keynesian theories into monetary planning. His social proposals in the '30s were not unlike Franklin Roosevelt's. Historian A.J.P. Taylor has gone so far as to declare Mosley the best political thinker of the age, although synthesizer seems the more appropriate judgment. Rather than a burning sense of injustice, Biographer...
WASHINGTON'S ROLE. The speed and strength of the recovery will be crucially influenced by the spending programs now taking shape on Capitol Hill. The White House and Congress are already well launched into a Keynesian experiment of trying to spend the country out of recession. As a result, the budget deficit ballooned to $7.85 billion in March, a record for any month; the red-ink figure for all fiscal 1975, which ends June 30, could exceed $45 billion...
...predictable viewpoint, which shall be ascribed to the Leontiefs and the Galbraiths, is that the current crisis proves freedom as failed. Supposedly the Great Depression proved the instability of the laissez-faire free market. The policy prescriptions of Keynesian economics "saved capitalism," along with the interventions of the New Deal, Fair Deal, New Frontier an Great Society programs, establishing the mixed economy...
...essentially that Keynesian policy prescriptions that are failing now. To the Leontiefs and the Galbraiths, this proves freedom is unworkable and we must change the economy again, to a centrally planned socialist economy. This intellectual bluff should be called, because there is no sound basis for this conclusion...
Died. Seymour E. Harris, 77, economist and adviser to Presidents; in San Diego. Harris spent more than 40 years at Harvard, where, with Paul Samuelson, J.K. Galbraith and others, he became an early advocate of then controversial Keynesian economics. As adviser to Candidate Adlai Stevenson and Presidents John Kennedy and Lyndon Johnson, Harris acted on his belief that economists should grapple with public issues. "I spend a great deal of my time on public policy," he said proudly. "I am concerned with concrete solutions...