Word: keynesism
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Dates: during 1960-1969
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For most of his life, Keynes wrote, wrote, wrote. He was so prolific that a compendium of his books, tracts and essays fills 22 pages. In succession he wrote books about mathematical probability (1921), the gold standard and monetary reform (1923), and the causes of business cycles (1930); each of...
Permanent Quasi-Boom. Keynes perceived that the prime goal of any economy was to achieve "full employment." By that, he meant full employment of materials and machines as well as of men. Before Keynes, classical economists had presumed that the economy was naturally regulated by what Adam Smith had called...
Keynes showed that the hard facts of history contradicted these unrealistic assumptions. For centuries, he pointed out, the economic cycle had gyrated from giddy boom to violent bust; periods of inflated prosperity induced a speculative rise, which then disrupted commerce and led inexorably to impoverished deflation. The climax came during...
By applying both logic and historical example to economic cycles, Keynes showed that the automatic stabilizers that economists had long banked on could actually aggravate rather than prevent a depression. If employers responded to a fall-off in demand by slicing wages and dumping workers, said Keynes, that would only...
Management of Demand. The key to achieving that, Keynes perceived, is to maintain constantly a high level of what he called "aggregate demand." To him, that meant the total of all demand in the economy?demand for consumption and for investment, for both private and public purposes. His inescapable conclusion...