Word: keynesianism
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Nordhaus, who studied under Samuelson, at first felt handicapped by his reverence for the tome. Says he: "It was like trying to revise the King James Bible." One major change is a greater emphasis on monetary policy's role in controlling the economy. Earlier editions held the Keynesian view that federal spending policy was more important. The new version pays great attention to interest-rate policy and the role of the Federal Reserve Board...
...Department Chairman Martin S. Feldstein '61 announces that in the interest of making the curriculum for Social Analysis 10, the yearlong introductory economics course, more uniform, the class will only cover post-Keynesian economics. "There will be additional, optional lectures on economic policy prior to 1980," the former chairman of the Council of Economic Advisors reassured concerned students...
...argue with President Reagan's remarkable string of successes. Our economy is now in the midst of the most powerful growth since the aftermath of World War II, due largely to the Keynesian tax out politics Reagan shepherded through Congress. Inflation was stopped dead in its tracks neat the 3 percent level a feat most economists predicted would take a decade or more. The unemployment rate has dropped steadily. The country has shaken off the national malaise that the Carter-Alondale Administration created to explain its own failings. The last majority of Americans would answer a resounding...
...domestic affairs, Reagan has engineered a dramatic Keynesian revival of the economy by returning to the Rooseveltian policies that pulled America out of the Great Depression. Scholars chastised Roosevelt for the deficit spending of his Administration, but the national debt he created proved to be trivial compared to its benefits to most Americans, Reagan, too, has become an accomplished Keynesian president. The spectacular recent performance of the economy shows that deficit spending remains a vital economic tool...
...deficits are not created equal. New York City's deficit, predicated on spending, is different from a deficit resulting from a contraction of the economy. High utilization of plant capacity and high levels of employment can reduce such a deficit. This recovery is somewhat different from a typical Keynesian recovery because it is not consumption-led. Despite our critics, it is an investment-led recovery...