Word: keynesism
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Died. Victoria Mary Sackville-West, 70, genteel English authoress, a lanky noblewoman whose needlepoint prose and aloof mien made her a leading light in the Bloomsbury Group of Lytton Strachey, John Maynard Keynes and Virginia Woolf (who portrayed her as the fantastic heroine of Orlando) and who herself, though home...
Defending Paul A. Samuelson's Economics against charges that the textbook unscientifically accepts the "Keynesian revelation," the head of Economics 1 yesterday declared Keynes' analysis of national income is "essential to understanding modern economic thinking."
Otto Eckstein, associate professor of Economics, said that Keynes' economic theory does not imply any one political or social doctrine; it merely claims that the government can act to flatten out business cycles.
Pre-Keynesian economists believed that full employment would ultimately be achieved if the economic system were left alone. "Then around 1935," related Eckstein, "people began to have their doubts" about government non-interference. Keynes' idea that government spending and tax deduction are effective anti-cyclical measures is "an economic fact...
During the last seventy years Russell's thinking has formed an indelible imprint on his times. He grew up in the Cambridge of Whitehead, Moore, Broad, Wittgenstein, Eddington, Rutherford, and Keynes, and he has always seemed a product of the intellectual vigor of Cambridge undergraduate life at the turn of...