Word: keynesians
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...what he wanted." Yale's Blum also charges Roosevelt with failure to end the Depression, and he puts the blame not only on "congressional impedance" but on general "economic ignorance." Says he: "Economists at that time really didn't know how to achieve recovery. You needed a Keynesian revolution, and this came only inadvertently with defense spending, which was far beyond anything the New Deal envisaged." Blum emphasizes another problem: Roosevelt was trying simultaneously to achieve recovery and reform. Says Blum: "There was a kind of friction between the aims of recovery and the aims of reform...
Jean-Marie Chevalier was the only member of TIME'S board who favored traditional Keynesian policies of spurring demand, even at the risk of inflation, in order to stem the unemployment plague. This is the program that has been adopted by Mitterrand in France. Said Chevalier: "The French government thinks that its people have a right to work even if we have to pay a price for that in competitive terms in world trade." One benefit, according to Chevalier, is that the Socialists now can count on labor's support. He claimed that restive trade-union leaders...
Reynolds, former economics editor of National Review, described supply-side theory as the revival of classical ideas of 18th century economics, which contrast with the neo-Keynesian economics of the past few decades...
James Tobin, 63, likes to joke about himself as "a discredited Keynesian," in reference to his economics hero, John Maynard Keynes. Last week the mild-mannered Yale economics professor got the last laugh. In Stockholm, the Royal Swedish Academy of Sciences announced that it was awarding him the 1981 Nobel Prize in Economics. Tobin thus becomes the tenth U.S. citizen to receive the prize since it was first awarded...
Europe's leaders have reached no consensus on what should be done about the crisis. Most countries are somewhere between Thatcher's monetarism and Mitterrand's Keynesian approach, a distance too great to allow for common policies. One of the more imaginative, if long-range, concepts is the plan of French Foreign Minister Claude Cheysson, to press for sharp increases in aid to the Third World. This would generate demand for European products and therefore new jobs. Aid would mean trade...