Word: keynesism
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Weitzman's prescription may sound simplistic and his goals unrealistic, but the book is being widely discussed by economists and businessmen, and some reviewers are already hailing it as a breakthrough in economic theory. John Roemer, an economist at the University of California, Davis, calls it "one of the most...
John Maynard Keynes once regretted devoting "our intelligences to anticipating what average opinion expects the average opinion to be." Perhaps he was anticipating the most pretested presidential campaign in history.
Stone worked out his ideas during World War II, and later pioneered a na tional accounting system that continues to provide a framework for countries around the world. As assistants of John Maynard Keynes, Stone and 1977 Nobel Laureate James Meade helped prepare a wartime study that organized mountains of...
Keynes, who held that deficit spending could pump up a slack economy. Johnson later balked at the pleas of his Keynesian advisers to pay for the Viet Nam War with higher taxes in order to keep the economy from overheating and pushing up prices. Nonetheless, so prestigious had Keynes'...
But the woes of the '70s shattered the esteem in which Keynes had been held. Reeling from two energy crises, a severe recession and other shocks, the economy began to behave in ways that the experts had once thought impossible. Most disturbing, high levels of inflation and unemployment came...