Word: keynesism
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Dates: during 1960-1969
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FOR years, the maverick views of Milton Friedman, the towering iconoclast of U.S. economics, attracted just about as much ridicule as respect. A monetary theorist, the bald and somewhat cherubic University of Chicago professor maintains that the U.S. and many other major nations mismanage their economies. They do so, he...
That exposed a critical weakness in the neo-Keynesian economics, which relies primarily on delicate adjustments in taxes, government spending and monetary policy to keep the economy running close to capacity. The New Economics had served well when business needed a push. But Britain's Keynes presumed that policymakers...
The year was 1904, and scattered about Europe half a dozen men, unacquainted with one another, were lighting the fuse of the post-Victorian revolution-Einstein, Freud, Lenin, Joyce, Picasso, Stravinsky. But they didn't matter at all. For in Cambridge, England, 24-year-old Lytton Strachey was loudly...
Marshmallow Bogs. Eminent Victorians was a light at the end of a tunnel for its author too. The eleventh of 13 children of a Victorian soldier-scientist, Lytton Strachey grew up as the most squirrelly member of a pandemoniously eccentric household. The grotesque English public school system did little for...
And the cost of capital goods is climbing. Take airplanes: from $1,000,000 for a propeller DC-6 to $7,000,000 for a 707 jet to about $40 million for an SST. Modern superhighways cost more than $2,000,000 a mile. Chase Manhattan Bank Chairman George Champion...