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That heresy shakes the almost reverential respect accorded by the profession to Britain's late John Maynard Keynes, the century's most influential economist. The belief of Keynes's disciples that governments often could manage economic affairs as efficiently and effectively as free markets themselves has been rejected by the...

Author: /time Magazine | Title: To Set the Economy Right | 8/27/1979 | See Source »

Along with the other incentive economists, Feldstein argues that the Government is trying to do too many things that it either cannot do efficiently or that people can do better for themselves. That, of course, is a direct affront to Keynesian doctrine. Beginning in the mid-1930s, Establishment pillars of...

Author: /time Magazine | Title: To Set the Economy Right | 8/27/1979 | See Source »

True, Keynes argued that excessive demand and price rises could be countered by reversing the cycle?that is, by reducing government spending. But that required a degree of wisdom seldom seen in the spend-and-spend, elect-and-elect politicians of a democracy. Apostles of Keynes contended that to maintain...

Author: /time Magazine | Title: To Set the Economy Right | 8/27/1979 | See Source »

When demand turns slack and unemployment shoots up, Keynesianism can still play an important role. But now the economic pendulum has swung from underutilization of capacity to overstraining of productive resources, and policies aimed at further firing consumer demand without simultaneously increasing investment and supply have become about as useful...

Author: /time Magazine | Title: To Set the Economy Right | 8/27/1979 | See Source »

Abolish the corporate income tax. Force regulators to stick to a budget. Drive up gasoline prices to $3 per gal. Replace the personal income tax with a tax on only "expenditures." The new generation of innovative economists has a bold diversity of ideas-and ideologies. Some of them still applaud...

Author: /time Magazine | Title: Business: Ideas from the Innovators | 8/27/1979 | See Source »

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