Word: keynesism
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Dates: during 1960-1969
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Some people have assumed that Ec 1 is a "liberal" course because it teaches Keynesian theory of national income. However, we would like to suggest that there is nothing "liberal" or "conservative" about Keynes as taught in Schulze or Eckstein. Most businessmen accept the idea that the government should use...
Hull, "for nearly 100 years, and the people are worse off than they were at the beginning." He proposed that an international trusteeship be set up with a polyglot membership including French, Chinese, Russian, Philippine, U.S. and Indo-Chinese representatives, to prepare the country for independence. But the idea died...
The Tax Battle. Kennedy was a hard learner. For all his 1960 campaign talk about the need to spur the economy's growth, he was at first much less adventuresome and more conservative than his economists. He was determined to balance the budget and mighty reluctant to try the...
Kennedy still wavered on tax reduction, was almost talked out of it by three powerful forces: Oklahoma's late Senator Robert Kerr; Cabinet members; and Economist John Kenneth Galbraith, then the U.S.'s Ambassador to India, whose "long shadow had fallen across the White House." Finally, the tide...
Blow to Keynes. Washington officials are increasingly worried that the spiral in state and local spending diminishes their ability to manipulate the economy with Keynesian tools, and that there is little they can do about it. When state and local spending passes federal spending for goods and services-which it...