Word: keynesism
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Although Godkin Lecturer Paul A. Samuelson was moderating the symposium, entitled "Harvard and Keynesian Economics, 1936-86," he also berated Feldstein for his comment, nothing that it is only by utilizing the tools which Keynes himself invented that economists can now see his shortcomings.
Indeed, the economic revolution which Keynes inspired was "the most significant event in economic scientific history in this century," Samuelson said.
In a brief rebuttal period, Feldstein said that he did not mean to downplay Keynes' importance in economic history but only to suggest that the over-implementation of his theories into public policy led to large deficits and a decline in capital formation.
A related confrontation ensued when Feldstein asserted that Keynes "made a virtue of deficit spending" and didn't believe in a future debt.
Economics Professor Benjamin M. Friedman '66 responded to Feldstein's claim, saying "there is nothing to make one suspect that Keynes supported deficit spending in all cases."