Word: keynesism
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Why the big switch? "The facts changed and the situation worsened," Paulson said during the Q&A. He kept coming back to that phrase, "the facts changed," in what seemed to be a conscious reference to economist John Maynard Keynes' famous line, "When the facts change, I change my mind...
John Maynard Keynes famously warned that "the markets can remain irrational longer than you can remain solvent." Considering the recent volatility in stocks worldwide, irrationality appears to be the order of the day. Rarely have investors been so prone to bouts of panic selling, punctuated by spasms of equally frenzied...
Easy money was another remedy proposed by Keynes, although he didn't think it alone was enough to end a deep slump. Bernanke's Fed is giving us that too, with short-term interest rates at 1.5% and program after new program to keep cash flowing to banks and businesses...
The out-of-control inflation of the 1970s wreaked havoc with Keynesian fine-tuning and seemed to confirm the criticisms of Lucas and Friedman. But their victory was never complete. The U.S. economic boom of the 1980s was at least partly the result of deficit spending. As financial crises battered...
There are aspects of Keynes that haven't worn so well, his disdain for long-run economic considerations among them. ("In the long run we are all dead," he wrote in 1923. He would make it to 1946, but we're all still here.) When there's an immediate crisis...