Word: keynesianism
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...paying for the stimulus by cutting government spending. Unfortunately, even if such spending cuts took place, which is unlikely, they would defeat the purpose of the stimulus. Bush, for example, proposes to pump about $145 billion into the economy through tax cuts of various sorts. This is a classic Keynesian stimulus, and the whole purpose of that is to increase demand in the economy. Instead of a self-feeding spiral downward?I get laid off and can't pay my mortgage, so the bank fires you, and you don't buy a new TV, and so on?...
...ways for the state to play a positive role in the economy, which entailed understanding the trade-offs between allowing the government to provide some goods versus allowing the private sector to provide them.As a student who came to Harvard in the mid-1930s during the Great Depression, when Keynesian views about the benefits of government intervention in the economy were starting to enter economic discourse, “Musgrave was always very deeply of the view that the government could make things better,” Poterba said.ECONOMIC OUTLIERMusgrave’s economic principles, particularly with their focus...
...single large economy, and, as such, needs proactive and cooperative macroeconomic policy of both the fiscal and monetary variety if it is to survive and prosper. The most urgent structural reform the EU needs is not to scale back its welfare state but rather to upgrade its Keynesian arsenal...
...same token, supply-siders on the Republican right regard Bernanke with suspicion. A recent critique of Bernanke in the online edition of the conservative National Review labeled him a "Keynesian" who believes in the "limits" of growth, and portrayed him as a central banker unlikely to support more and deeper tax cuts. As National Review put it, "Much right now is being made of President Bush's historic chance to remake the Supreme Court. No doubt that's true. Perhaps just as important will be Bush's Federal Reserve appointments, foremost of which will be Alan Greenspan's replacement...
What Bush describes as his key principle is a classic if crude statement of Keynesian theory. A tax cut works, he said, by putting more money into people's pockets--which they will spend and thus create jobs. For 25 years, Republicans have sneered at this as "demand-side" economics. If Bush now embraces it, he ought to remember the corollary: that a tax cut should go mainly to low-income people, who are more likely to spend it. And the President should stop pretending he regrets the huge deficits his tax cuts produce. Deficits are essential to a demand...