Word: keynesism
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Most economists also follow the teaching of Britain's late John Maynard Keynes, who articulated how changes in taxes and government spending can stabilize business cycles. The philosophy of Keynes, who died in 1946, has dominated the economic policies of industrial nations since World War II. Today's prevailing belief...
JOHN MAYNARD KEYNES was probably exaggerating when he insisted that "the world is ruled by little else" than the ideas of economists and political philosophers. But there is no denying the rising vitality of the science in which he specialized. Almost every individual feels the impact of economic decisions-on...
From John Stuart Mill to John Maynard Keynes, economists, as well as authors and politicians, have cherished such a Utopian vision of the abundant life. The millennium, it was always assumed, would arrive when full employment combined with high productivity to supply mankind with everything it needed, as well as...
John Maynard Keynes pronounced, in copybook style: "The engine which drives Enterprise is not Thrift but Profit." He might also have pointed out that profits revolve in a self-regenerating cycle, providing the impetus for new and expanded ventures, which in turn crank out more profits. When earnings are high...
FOR years, the maverick views of Milton Friedman, the towering iconoclast of U.S. economics, attracted just about as much ridicule as respect. A monetary theorist, the bald and somewhat cherubic University of Chicago professor maintains that the U.S. and many other major nations mismanage their economies. They do so, he...