Word: keynesians
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...growth of 5% in the third quarter; now many anticipate 7% for the next twelve months, and some feel that the rate will average 8%. One reason: the American consumer, having been given more money through tax cuts, Social Security increases and higher wages, is responding in classic Keynesian fashion by helping spend the nation out of recession. Personal-consumption expenditures in the second quarter rose at an annual rate of 6.1%, compared with a 13.9% decline in the last three months...
...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...
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...