Word: keynesians
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Robinson, 72 years old, was an important figure in the Keynesian economic revolution of the 1930s...
...Fall, Wilson announced, like Nixon announcing he had become a Keynesian, that he had seen reason: Britain's economy had deteriorated to the point where it was in the best interests of the working class itself to give it a helping hand instead of destroying it. This policy did not receive much substantial embodiment by the government until Chancellor of the Exchequer Denis Healey's budget proposals. Healey proposed slashing public expenditure on welfare, increasing government aid to industry and restoring economic stimuli to the limping Envlish economy. The Bank of England helpfully underscored the seriousness of the situation last...
Members of the society agreed that the extent of the bias varied from department to department, but the Economics department was by far the worst offender. "The department doesn't have a single monetarist professor, and its uses Samuelson, a blatantly Keynesian text, in its introductory course," Timothy M. Cranston '77, the society's vice president, said yesterday...
...example, the Austrians reject the notorious theory of perfect competition as inapplicable and irrelevant to the real world and have developed alternative theories of competition. They also reject the Keynesian macroeconomic models as incapable of sufficiently describing real world events, and instead offer, radically different explanations of business cycles and depressions...
Alternative remedies to the problem of inflation in an underemployed economy are brushed aside with a few strokes of the pen. Keynesian faith in fiscal (tax-and-spending) policy to end recessions and damp down inflations is questioned in a chapter titled "The New Economics at High Noon." Galbraith argues that the reluctance of governments to raise taxes or cut spending during booms proves "the fatal inelasticity of the Keynesian system." Monetary policy is dismissed as "a perverse and unpredictable lever" and Economist Milton Friedman's carefully documented thesis that rapid expansion of a nation's money supply...