Word: keynesism
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THE AGE OF KEYNES by Robert Lekachman. 324 pages. Random House. $6.
"It has been said that we are all Keynesians now," writes Robert Lekachman, borrowing the heading of TIME'S cover story (Dec. 31) on the late John Maynard Keynes. Now that Keynes has been embraced by politicians and popularized by journalists, the academicians are eager to assess again the...
Actually, the story of Keynes, who died in 1946, has been told earlier and better by such economists as Sir Roy Harrod, Alvin Hansen, Seymour Harris, Joseph Schumpeter, Robert Heilbroner and John Kenneth Galbraith. Where Lekachman differs from them is in his emphasis on Keynes's repeal of Say...
Jean Baptiste Say, an early 19th century French economist, contended that economies were destined to function smoothly, and that slumps or excesses would be self-correcting because the production of goods created exactly the amount of income needed to buy those goods and to invest in facilities to produce more...
Liberal Intervention. Speculating on what Keynes would have prescribed for the 1960s, Lekachman does not echo the fierce individualist from Cambridge, England, but the contemporary critic from Cambridge, Mass.-John Kenneth Galbraith. Faulting everything from "the looming menace of automation" to "the dubious or negative social value of advertising," Lekachman...