Word: keynesism
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I must quarrel with one point. John Maynard Keynes may "often" have been called the "savior of capitalism" but not by those familiar with free market economics. Keynes preached government interventionism, which is antithetical to the doctrines of Adam Smith. "In the long run we are all dead," Keynes said...
The story involved the type of heuristic thinking Church enjoys most. How, for example, have capitalist societies drifted into what Smith would have regarded as an unnatural combination: inflation in the midst of recession? Has Smith's "invisible hand" of supply and demand lost its grip? To find the...
Unhappily, the systems of Adam Smith, and even of Keynes, give little guidance as to how to cope with the malaise. Much of the explosive 1973-74 inflation, of course, resulted from what economists call "random shocks" to the system: oil price gouging by the OPEC cartel and food shortages...
Died. Alvin H. Hansen, 87, economist who pioneered the acceptance of Keynesian theory in the U.S.; in Alexandria, Va. South Dakota-born Hansen was the earliest important American advocate of the then-radical argument set forth by British Economist John Maynard Keynes in his 1936 work, General Theory of Employment...
Arthur A. Smithies, professor of Economics, called Hansen the "apostle of Keynes" and characterized him as a "home-spun, great figure of a man."