Word: keynesians
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...clear that a chance was missed in 1966. It was a year when the transitory requirements of politics prevailed over the laws of economics. Early in the year, before inflation became acute, President Johnson might have used all three basic tools that have been popularized by the Keynesian new economics - tax and budget policy as well as monetary policy - to curb the economy's overexuberance. He did not. Says a top official of the U.S. Federal Reserve: "There was a wonder ful opportunity to show that the new economics works both ways, and that with proper tax measures...
...much less adventuresome and more conservative than his economists. He was determined to balance the budget and mighty reluctant to try the deficit-spending theories of the late John Maynard Keynes. It took Heller and his activist aides almost two years and 300 memos to convince Kennedy of the Keynesian notion that both economic growth and Government income would be increased...
Blow to Keynes. Washington officials are increasingly worried that the spiral in state and local spending diminishes their ability to manipulate the economy with Keynesian tools, and that there is little they can do about it. When state and local spending passes federal spending for goods and services-which it will unquestionably do as soon as the Viet Nam war is over-the economic leverage of the federal budget, tax and monetary policies will be automatically reduced...
...quote me [Dec. 31] as saying: "We are all Keynesians now." The quotation is correct, but taken out of context. As best I can recall it, the context was: "In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian." The second half is at least as important as the first...
...Keynesian in approach, an anti-inflationary manipulation aimed at curbing a surging economy. It appeared to many to be a bit of sleight of hand as well, and it did, to be sure, depend rather heavily on some imponderables. For one thing, the President was relying on congressional passage of his various tax programs, which may face some opposition. Beyond that, Government forecasts have averaged an almost 9% error on revenues, more than 6% on spending. This year's budget totals, said a White House aide, are "highly uncertain." As it now stands, the administrative budget, not counting...