Word: keynesism
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Dates: during 1960-1969
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The pre-Keynesian "classical" economists had thought of the government too. But almost all of them had contended that, in times of depression, the government should raise taxes and reduce spending in order to balance the budget. In the early 1930s, Keynes cried out that the only way to revive...
A few other economists of Keynes's time had called for more or less the same thing. Yet Keynes was the only one with enough influence and stature to get governments to sit up and pay attention. He was the right man at the right time, and his career and...
Contrary to the Marxists and the socialists, Keynes opposed government ownership of industry and fought those centralists who would plan everything ("They wish to serve not God but the devil"). While he called for conscious and calculated state intervention, he argued just as passionately that the government had no right...
Perhaps Immoral. Like any genius, Keynes had plenty of faults and shortcomings. Even his admirers admit that he could be maddeningly abstruse and confusing. MJ.T.'s Paul Samuelson, for example, thinks that Keynes downplayed the importance of monetary policy. His few outright critics feel that, while he knew how to...
Such critics as former U.S. Budget Director Maurice Stans still worry that Keynes makes spenders seem virtuous and savers wicked, and thus subtly threatens the nation's moral fiber. Other doubters contend that earlier obscure economists originated some of the ideas that Keynes popularized, and that all he did was...