Word: maynard
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Dates: during 1960-1969
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Most economists also follow the teaching of Britain's late John Maynard Keynes, who articulated how changes in taxes and government spending can stabilize business cycles. The philosophy of Keynes, who died in 1946, has dominated the economic policies of industrial nations since World War II. Today's prevailing belief, however, is a hybrid; most economists now consider themselves "Friedmanesque Keynesians." Having risen from maverick to messiah, Friedman ranks with Walter Heller and John Kenneth Galbraith as one of the most influential U.S. economists of the era. Heller, who was chairman of the President's Council of Economic Advisers under...
...consequence, in Friedman's view, was that John Maynard Keynes concluded that monetary policy had only a limited impact on economic trends. That led him to underrate the money supply as an economic regulator. Friedman maintains that Keynesian economists made the same error for decades afterward?and indeed, that many still do today. In reality, Friedman argues, the Federal Reserve in the 1930s had ample power to prevent the monetary contraction. "Had the facts been as Keynes assumed them to be," Friedman has written, "I could not hold the views I do about the role of money. Had Keynes recognized...
...JOHN MAYNARD KEYNES was probably exaggerating when he insisted that "the world is ruled by little else" than the ideas of economists and political philosophers. But there is no denying the rising vitality of the science in which he specialized. Almost every individual feels the impact of economic decisions-on his job, his income, his standard of living. The increasing impact of economics has been matched by a growth in its complexities. To help penetrate and interpret those complexities, TIME has formed a Board of Economists with eight members (see below), representing the major economic schools of thought. The board...
Elected School committeemen are: James F. Fitzgerald (Ind.), David Wylie (COA), Francis H. Duehay '55 (CCA), Joseph E. Maynard (Ind.), Donald A, Fantini (CCA), and Lorraine A, Butler...
...four finishers in yesterday's count, two-Wylie and Duehay-are CCA-endorsed: the others-Fitzgerald and Maynard-are "independents" (non-CCA). Fewer than 400 votes, however, separate the fifth-ranking candidate from the eighth, and of those candidates, all but Good are CCA-endorsed...