Word: keynesian
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Earnings this year have been assaulted by the 10% tax surcharge-an essentially Keynesian measure designed to retard demand and inflation as well as by the rising costs of labor, money and materials. Even so, profits generally reached new peaks in the first quarter. The Wall Street Journal, in a survey of 519 firms, found a 7.8% increase in aftertax profits-just about the same as in the last quarter...
...next decade would find unacceptable, "in the ability of law to change the human heart or eliminate prejudice." Much as Eisenhower's Abilene background strengthened him for the great tests of war, it did little to help him understand the urban society he governed. In the era of Keynesian economics, his obsession with a balanced budget seemed archaic. In those days there were, to be sure, only hints of the bitter black-white struggle and the sometimes frightening war between the generations, only the beginnings of the "new morality" and permissive society of the '60s. Yet even then...
...American social theorists, Moynihan views America's troubles as residual, as the unfinished business of a society which has on the whole found satisfactory answers for its problems. He deplores the Vietnam war as a tragic waste of resources, but sees no particular link between wasteful military expenditures and Keynesian economic planning, which he praises as the basis of "the singularly successful political economy of the 1960's." An economic explanation of racism is dismissed as vulgar Marxism. Black poverty, he feels, can be explained in terms of economic and sociological processes which are mainly internal to the ghetto rather...
...respect. A monetary theorist, the bald and somewhat cherubic University of Chicago professor maintains that the U.S. and many other major nations mismanage their economies. They do so, he argues, by manipulating taxes, federal spending and money supply-techniques that were formulated by Britain's John Maynard Keynes. "Keynesian economics doesn't work," says Friedman. "But nothing is harder for men than to face facts that threaten to undermine strongly held beliefs...
Those beliefs have grown stronger in the past eight years, while the U.S. economy has expanded under the vigorous application of neo-Keynesian principles. Today, when the economy is strained by inflation, Friedman's challenge commands serious attention and growing support, and is a topic of heated debate among economists, bankers and Government officials. The controversy has lifted Friedman to eminence as the leader of the so-called "Chicago school" of economic thought. Increasingly influential abroad as well as at home, he is one of the principal economic advisers to Richard Nixon. Says Paul McCracken, the incoming chairman...