Word: keynesians
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...almost back to pre-recession levels in ten months, without any reduction in taxes. At the start of the 1949 recession, Government spending was sharply increased, yet employment showed no improvement for eight months. Without such help this time, the strong upturn came in eight months. According to Keynesian theories of countercyclical government pump-priming, 1949's recovery should have come considerably faster than it did, while 1958's should be much slower...
...from her own frustrations. When her vacuum cleaner, television set and iron all broke down in a single day, she wrote a scathing column blaming planned obsolescence-and got 500 supporting letters from readers. A product of the '30s, she readily admits that she leans toward pump-priming Keynesian economics and the Democratic Party. "I don't see how anyone could have lived through the Depression and feel differently...
...Keynesian economics, for many years a dirty word in the Republican Party's rhetoric, has been accepted by the Administration more as a playtoy than an effective method of economic management. Fiscal policy planning is an awesome thing, something to be handled gingerly lest it dull all sensibility and impose itself on the player's mind...
...apply the full logic of K. & A.'s citizen-capitalism. Instead of broadening the base of capitalism, they argue, the U.S. merely redistributes earnings through an elaborate, makeshift system including the steeply graduated income tax, arbitrarily fixed high wages, surplus-producing subsidies, featherbedding, Keynesian deficit financing, etc. Through such "creeping socialism," labor's share of the wealth produced has increased from an estimated 50% in 1870-80 to 70% in 1956. Yet this redistribution, argue K. & A., while it may have been necessary to boost mass purchasing power, is unjust...
Robert Frost intones flippantly in his latest attempt to still the clatter of the Machine Age and to put man in his proper place. Summer Slichter, not in the realm of morality, but certainly in the musty halls of tradition, takes a well-aimed iconoclastic swing at Keynesian economics. If his argument is not convincing to the conditioned minds of the New Deal, it represents a refreshing conservatism, too seldom well expounded...