Word: keynesianism
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...Angeles, Reingold enjoys peering ahead into the Pacific century. "Our main weakness in dealing with Japan is that we have not really understood it or had a coherent policy," he says. "We need to realize that its political economy is a type unto itself. It's not Keynesian or Marxist. It's Japanese...
That concern is echoed by resurgent Keynesian economists, who are trying to adapt their mostly liberal views to current conditions. Virtually counted out when inflation surged along with unemployment in the 1970s, the Keynesians now point out that Reagan borrowed from their philosophy in propelling his economic boom with deficit spending, which Keynesians have long advocated as a cure for slumps. "Keynesianism was vindicated by these last eight years," says Princeton economist Alan Blinder, a leading exponent of the school of thought. Blinder insists, however, that the deficits have got far out of hand...
...grumbled that the policymakers were taking exactly the wrong tack. That might have been expected from supply-siders, who are opposed to just about any tax increase at any time in the belief that it depresses economic activity. What was surprising was that they were joined by some orthodox Keynesian economists, who ordinarily are at ideological swords' points with the supply- side school...
...fact that Keynesian economics is defunct and has led to bad policy cannot be supported by the record," Tobin said...
Although Godkin Lecturer Paul A. Samuelson was moderating the symposium, entitled "Harvard and Keynesian Economics, 1936-86," he also berated Feldstein for his comment, nothing that it is only by utilizing the tools which Keynes himself invented that economists can now see his shortcomings...