Word: keynesians
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...that would move and change men's affairs. Today, some 20 years after his death, his theories are a prime influence on the world's free economies, especially on America's, the richest and most expansionist. In Washington the men who formulate the nation's economic policies have used Keynesian principles not only to avoid the violent cycles of prewar days but to produce a phenomenal economic growth and to achieve remarkably stable prices. In 1965 they skillfully applied Keynes's ideas?together with a number of their own invention?to lift the nation through the fifth, and best, consecutive...
...cause for celebration, and for the most part it is, because it demonstrates that business has been vigorous enough to generate additional revenue for the Government despite the tax cut-and partly because of it. But the deficit decline disturbs many "activist" economists, who advance the neo-Keynesian argument that if business is to grow vigorously, the Government must pump more money into the economy than it takes...
...economy; the best way to maintain high demand, he said, is for the Government to borrow money and pump it into the economy to supplement private investments. Washington has been raising Keynes since New Deal days; in 25 years the budget has been balanced only six times. The anti-Keynesian arguments-notably that the system is bound to lead to Government control of the economy, that it can be inflationary, and that indefinite borrowing is impossible without a day of reckoning sooner or later-are still heard, but feebly. As long as the gross national product and the population expand...
...everyone accepts Keynes as gospel. Treasury Secretary Henry Fowler refuses to be classified as Keynesian; he does not believe that debt necessarily leads to development, or that surplus necessarily leads to deflation. Economist Raymond Saulnier of Barnard contends that the economy has been expanding not because of Keynesian policies but largely because U.S. business has increased productivity faster than U.S. labor has pushed up wage costs-with the result that prices have held relatively stable. But even economic conservatives have lately accepted the idea of using deficits to stimulate the economy in slack years. Sighs Virginia Senator Harry Byrd: "Franklin...
...this view, Johnson reflected the thinking of the new chairman of his Council of Economic Advisers, Gardner Ackley, whose report to the President was the basis for last week's message. Said Ackley of this bit of Keynesian economic philosophy: "If Keynesian philosophy means taxes and expenditures must be adjusted to the demands of the overall economy, yes, we have accepted the Keynesian philosophy...