Word: keynesism
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Last week Britain's No. 1 economist arrived in the U.S. Off the Clipper stepped softspoken, twinkle-eyed, tall (6 ft. 1 in.) John Maynard Keynes, on an undisclosed mission under the Lend-Lease Act. He also expected to see the President, whom he last saw in 1934, when...
An Eton and Oxford man, Keynes represented the British Treasury at the Peace Conference in 1919. With prophetic foreboding he walked out on the Conference, wrote his scathing The Economic Consequences of the Peace, which made him famous overnight. He called Lloyd George a "Welsh witch," and Woodrow Wilson a...
^ Instead of taxing away all this excess, Keynes's plan would tax only part of it, impound the rest into savings accounts.' After the war. these compulsory savings will be returned with interest, giving war workers a stake in the Peace and also providing a cushion of consumer...
Mr. Keynes did not intend his plan for the U.S. Last July he wrote in the New Republic that since the U.S. had enormous untapped capacity for consumer-goods production, the defense program, far from causing consumer hardships, would stimu late "a higher standard of life." Those words, he said...
The pinch is already on those durable consumer goods (like automobiles) that compete with arms for materials. But Mr. Keynes thinks the U.S. can still avoid both general price fixing and inflation, especially if Leon Henderson keeps a strong hand. "His is the most difficult job," said the mellowed Cassandra...