Word: keynesism
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Correspondent William Blaylock's introduction to the once unassailable economic theories of John Maynard Keynes took place eleven years ago in a classroom at U.C.L.A. "The professor lectured convincingly that economics was a 'science,' that the Keynesian consensus had finally ensured a stable and inflation-free America...
Such theories are neither new nor revolutionary. The forefather of today's supply-siders was the 19th century Frenchman Jean-Baptiste Say, who enunciated one of the earliest-and most hotly disputed-laws of economics: supply creates its own demand. John F. Kennedy practiced a form of supply-side...
He was tutored by George Santayana and recruited as a protégé by William James and Teddy Roosevelt; he lived long enough to receive an honorary degree (from Princeton) on the same platform with Bob Dylan. During his 85 years, Walter Lippmann came to know twelve U.S. Presidents...
The economics profession, which for four decades was dominated by John Maynard Keynes' disciples, who stressed a strong stimulative role for the government in the economy, is now swinging away from state solutions. The new Rational Expectations school, led by the University of Chicago's Robert Lucas and the University...
The Great Depression beginning in 1929 was capitalism's harshest test. One-fourth of the U.S. labor force was unemployed, national output fell by half, and some 11,000 banks closed their doors. Capitalism was in large part saved by the innovative theories of British Economist John Maynard Keynes...