Word: keynesism
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Still annoyed at the U.S. waffle on the Falklands crisis, Thatcher was nevertheless diplomatic in reminding Reagan of the dangers of huge budget deficits. "It is wrong to assume that deficit spending works," she said. "Even Keynes didn't think so, and I know because I've been...
Describing himself as a child of the '60s who was merely a little older than most who fell under the spell of the times. Marglin says his conversion to radical thought occurred shortly after he received tenure in the spring of 1967. Prior to that, he had perceived no inherent...
Brandeis style was to draft long memorandums, and feed them indirectly to government bureaucrats: he often forwarded such written position papers to Frankfurter, then (in the 1920s) a Harvard Law Professors who could and often did insert Brandeis arguments under his and other names in the Harvard Law Review. It...
In 1927, in a scathing article for the Atlantic Monthly, Frankfurter argued the need for criminal justice reform after Sacco and Vanzetti were convicted and sentenced to death. In 1933 he engineered John Maynard Keynes' open letter to Franklin D. Roosevelt in the New York Times, urging the President...
Keynes, however, did not believe that deficits were necessary in periods of economic expansion. Nonetheless, the U.S. has run a deficit in both good and bad economic times for 20 out of the last 21 years. Conservative economists, and even some liberal ones, have long warned that inflation or recession...