Word: keynesism
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Dates: during 1960-1969
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Sir: I feel deeply grateful to you for your tribute to John Maynard Keynes [Dec. 31]. It is so understandingly appreciative and so effective. In the crude early days of our economic development, Marx shrewdly appraised our system's weakness -workers got only a subsistence wage, were thus unable...
Nowadays, Johnson is not only prac ticing Keynesia? economics but is pursuing policies of Pressure and persuasion that go far beyond anything Keynes ever dreamed of. In 1965 Johnson vigorously wielded the wage-price guide-lines" to hold wages and prices down, forced producers of aluminum, copper and wheat to...
The Sword's Other Side. Prosperity will bring the Government an extra $8.5 billion in tax revenues in the next fiscal year, and that means the U.S. can afford to boost its total federal spending by $8.5 billion without causing significant inflationary pressure. If spending bulges much higher, the economists...
Near the Goal. The U.S. right now is closer to Keynes's cherished goal of full employment of its resources than it has ever been in peacetime. Unemployment melted during 1965 from 4.8% to an eight-year low of 4.2%. Labor shortages, particularly among skilled workers, are beginning to pinch...
Growth v. Stability. The economic policies of 1966 will be determined most of all by one factor: the war in Viet Nam. Barring an unexpected truce, defense spending will soar so high ?by at least an additional $7 billion?that it will impose a severe demand upon the nation...