Word: keynesians
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...president of the New York Federal Reserve Bank and vice chairman of the Fed's powerful Open Market Committee. A Democrat who was Treasury Under Secretary for Monetary Affairs during the Nixon Administration, Volcker is considered a bit too much of a monetarist by some of the Keynesian economists around Carter...
What is so depressing the market? The biggest reason for the long price stagnation is probably psychological. In the mid-'60s, people widely-and wrongly-believed that Keynesian economics had given governments the tools to control inflation and recession and keep business rising constantly. Recalls Arnold Bernhard, president of the Value Line Funds: "In the '60s stocks were bought on the assumption that growth would go on for ever." The economy of the '70s has been dominated by inflation, recession and fears of energy shortages, all adding up to that worst of stock market poisons-uncertainty. Complains...
...public words suggests no easy pigeonholes. "It comes out as Jimmy Carter and not a particular philosophy," says a staffer. Carter's top domestic-programs man, Stuart Eizenstat, sees the Carter contribution shaping up roughly in the Democratic progressive tradition-but with important differences. Carter's Keynesian economics is tinged with his rural reluctance to spend a buck. His compassionate populism is tempered by his suspicions of mindless Government intrusion. We are in a transition period, claims Eizenstat. It is post-New Deal, post-Great Society It may take a few more years to reduce...
Died. Harry Gordon Johnson, 53, Keynesian economist and professor at the University of Chicago and the Graduate Institute of International Studies in Switzerland; after a long illness; in Geneva. An expert on international finance, Johnson frequently attacked the monetarist school of economists. He believed unemployment was a greater social problem than inflation and at times espoused both devaluation of the dollar and a guaranteed minimum income...
Though Schultze has promised the new members that the council will work as a team, there is a possibility that Gramley and Nordhaus will be lost in the boss's shadow. Schultze, a Keynesian economist who was Lyndon Johnson's Budget Director and later turned out a widely read series of critiques on the budget for the Brookings Institution, knows his way around Washington as well as anyone else in the Administration. Also, though he and Carter knew each other only slightly before the campaign, he has developed a remarkable rapport with the President. Economists who have attended...