Word: keynesians
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What Did He Say? Though Keynes's gospel has only recently come to full flower, a school of fervid apostles has been preaching it in the U.S. for more than a generation. Harvard's Alvin Hansen, the first great Keynesian teacher, taught it to hundreds of economists, many of them now in high positions. Hansen's brightest student was Paul Samuelson, who later wrote a Keynesian-angled college textbook on economics that has gone to 2,000,000 copies and influenced the thinking of count less teachers and students...
Franklin Roosevelt was at first no fan of Keynes ? "I didn't understand one word that man was saying," he sniffed after being lectured by Keynes at the White House in 1934 ? but some of his economists gradually began to lean on Keynesian language and logic to rationalize huge deficits. In World War II, Washington planners used Keynesian ideas to formulate their policies of deficit spending...
Congress adopted the Keynesian course in 1946, when it passed
...Employment Act, establishing Government responsibility to achieve "maximum employment, production and purchasing power." The act also created the Council of Economic Advisers, which for the first time brought professional economic thinking into close and constant touch with the President. Surprisingly it was Dwight Eisenhower's not-notably-Keynesian economists who most effectively demonstrated the effi cacy of Keynes's antirecession prescriptions; to fight the slumps of 1953-54 and 1957-58, they turned to prodigious spending and huge deficits...
J.M.K. & L.B.J. Still, Keynesianism made its biggest breakthrough under John Kennedy, who, as Arthur Schlesinger reports in A Thousand Days, "was unquestionably the first Keynesian President." Kennedy's economists, led by Chief Economic Adviser Walter Heller, presided over the birth of the New Economics as a practical policy and set out to add a new dimension to Keynesianism. They began fo use Keynes's theories as a basis not only for correcting the 1960 recession, which prematurely arrived only two years after the 1957-58 recession, but also to spur an expanding economy to still faster growth. Kennedy was intrigued...