Word: keynesism
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Not so very long ago, people admonished one another to act their age. But what can that mean today, when octogenarians serve in the Peace Corps, centenarians travel and septuagenarian former Presidents jump out of planes? Or when men and women in their 50s and 60s launch new careers and...
But far fewer students go on to take upper-level economics courses, and many scholars have noted that the science of economics is losing its popularity. John Cassidy recently wrote an article in The New Yorker called "The Decline of Economics" citing one of the reasons for economics' acquired unpopularity...
Al From himself embodies John Maynard Keynes' warning that the real difficulty in changing any enterprise lies not in developing new ideas but in escaping from old ones. "The problem for us and him," says From, "is that Clinton promised to be different. He's been that a bit, but...
Brinkley sketches out the beginning of the era of mass consumption, recounting how America evolved from an economy driven by production to one stimulated by consumer spending. The prophet of this change was the British economist John Maynard Keynes, who preached that the way out of the U.S.'s 1937...
By the early- to mid-1960s, though, the persistence of prosperity finally became too blatant to ignore, and one prominent economist proclaimed that we had one foot through the door of a Golden Age. Recessions, if any, would be short and mild; John Maynard Keynes had shown us how to...