Word: keynesism
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Two of America's most eminent economists took issue with Professor Martin S. Feldstein '61 when he called John Maynard Keynes a "defunct scribbler of years past" at a symposium yesterday.
Feldstein, the former head of President Reagan's Council of Economic Advisors, also said that using Keynes' theories to steer national economic policy was the reason for most of today's economic woes.
Yale Professor James Tobin '39, who won the Nobel Prize in Economics in 1981, led the counterattack, calling Feldstein's description of Keynes a "caricature and a travesty."
As the war drew to an end, Keynes had his fill of politics. His hope was that a reasonable treaty, calling for moderate reparations, might save postwar Europe from the economic disasters he foresaw. When Woodrow Wilson, among others, foiled his plan, he referred to him as "the greatest fraud...
It would be six years before Keynes resolved his bisexuality in marriage. It would be 16 years before the publication of The General Theory of Employment, Interest and Money, which argued that only government action can break up a certain kind of economic stagnation, an idea that laid the groundwork...