Word: keynesians
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Dates: during 1970-1979
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...years ago?at least in the U.S., Canada, Western Europe and Japan ?this modern capitalism seemed to be on the verge of producing the permanently affluent society. Keynesian policies had kept recessions brief, mild and infrequent; the end of World War II opened the longest period of sustained growth ever. American Economist George Stigler announced that "economics is finally at the threshold of its Golden Age?nay, we already have one foot through the door...
Died. Alvin H. Hansen, 87, economist who pioneered the acceptance of Keynesian theory in the U.S.; in Alexandria, Va. South Dakota-born Hansen was the earliest important American advocate of the then-radical argument set forth by British Economist John Maynard Keynes in his 1936 work, General Theory of Employment, Interest, and Money: that government should take an active role in manipulating the economy through tax and spending policy to maintain high employment, even at the cost of mounting debt and added inflation. As a Roosevelt brain-truster during the New Deal, and as a consultant to various Washington agencies...
...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...
Alvin H. Hansen, former Littauer Professor of Political Economics and one of America's foremost Keynesian economics, died in Alexander. Va. Friday. He was 87 years...
Paul A. Samuelson professor of Economics at MIT and one of Hansen's former students said that balsa against Keynesian economics at Harvard...