Word: keynesism
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This does not signify that we are all--as was Englishman John Maynard Keynes--Cambridge University economists with lucrative side jobs as investment managers, spectacular art collections, lots of famous friends and Russian-ballerina wives. At least I don't fit that description. Do you?
The resurgence of interest in Keynes also doesn't represent a full return to 1960s-style Keynesianism--the belief, shared by many economists and politicians in those days, that government could tame the business cycle and guarantee good economic times indefinitely.
Instead, what we are seeing now in Washington and other world capitals is fear we might be headed for an economic collapse caused by a collapse of demand caused by a collapse of credit. Confronted with that threat, governments seemingly cannot help turning to the remedy formulated by Keynes during...
Keynes' argument was that when private citizens and businesses panicked and hoarded money, the only way to prevent depression was for government to become the spender of last resort. It's certainly acting like that now--the U.S. federal budget deficit may top $1 trillion in the current fiscal year...
For his part, legendary British economist John Maynard Keynes, who drafted much of the plan, called it "the exact opposite of the gold standard," saying the negotiated monetary system would be whatever the controlling nations wished to make of it. Keynes had even gone so far as to propose a...