Word: keynesism
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Dates: during 1960-1969
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What Did He Say? Though Keynes's gospel has only recently come to full flower, a school of fervid apostles has been preaching it in the U.S. for more than a generation. Harvard's Alvin Hansen, the first great Keynesian teacher, taught it to hundreds of economists, many of them...
Franklin Roosevelt was at first no fan of Keynes ? "I didn't understand one word that man was saying," he sniffed after being lectured by Keynes at the White House in 1934 ? but some of his economists gradually began to lean on Keynesian language and logic to rationalize...
(7 of 10) the Employment Act, establishing Government responsibility to achieve "maximum employment, production and purchasing power." The act also created the Council of Economic Advisers, which for the first time brought professional economic thinking into close and constant touch with the President. Surprisingly it was Dwight Eisenhower's not...
J.M.K. & L.B.J. Still, Keynesianism made its biggest breakthrough under John Kennedy, who, as Arthur Schlesinger reports in A Thousand Days, "was unquestionably the first Keynesian President." Kennedy's economists, led by Chief Economic Adviser Walter Heller, presided over the birth of the New Economics as a practical policy and set...
He particularly called for tax reductions?a step that Keynes had advocated as early as 1933. The Kennedy Administration stimulated capital investment by giving businessmen a 7% tax kickback on their purchases of new equipment and by liberalizing depreciation allowances. Kennedy also campaigned for an overall reduction in the oppressive...