Word: keynesians
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...Keynesian Influence
...personal inclinations, too. Though he is highly regarded as an authority on monetary policy, Duesenberry insists that he cannot be classified as an advocate of either tight or easy money. His appointment to the $27,000-a-year post, effective Feb. 1, will not change the council's Keynesian flavor. As a council consultant since 1961, he has been among the handful of experts who helped create the framework for the New Economics and work out methods for putting it into operation...
Lyndon Johnson came into the presidency worrying about the wisdom of large deficits and questioning the need for a tax cut, but he was convinced by the Keynesian economists around him, and hurried the measure through Congress. The quick success of the income-tax cuts prompted Congress to try a variant: the reduction this year of excise taxes on such goods as furs, jewelry and cars...
...extra $8.5 billion in tax revenues in the next fiscal year, and that means the U.S. can afford to boost its total federal spending by $8.5 billion without causing significant inflationary pressure. If spending bulges much higher, the economists can fight inflation by brandishing the other sides of their Keynesian swords. Though Keynes spoke more about stimulus than restraint, he also stressed that his ideas could be turned around to bring an overworked economy back into balance. Says Walter Heller: "It should be made entirely clear that Keynes is a two-way street. In many ways we're entering...
...whose counsel will carry the most weight with Lyndon Johnson and who must make the delicate decisions in the next few weeks is the President's quiet, effective and Keynesian-minded chief economic strategist, Gardner Ackley. "We're learning to live with prosperity," says Ackley, "and frankly, we don't know as much about managing prosperity as getting there...