Word: maynards
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...financial badlands created by technology and globalization, with no maps and few rules, and the law has not caught up to us. Until it does, we are left with the old sanctions: symbols and shame. That still leaves the problem of knowing whom precisely to scorn. "Capitalism," John Maynard Keynes once argued, "is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone." It is tempting to blame the whole political-industrial complex, starting with whoever first had the idea of lending $750,000 to someone making...
This is what some economists call the paradox of thrift. The notion is generally credited to Englishman John Maynard Keynes--seemingly the source of every important economic idea these days--although he doesn't appear to have actually used the phrase. Paul McCulley, an economist and portfolio manager at bond giant Pimco, defines it like this: "If we all individually cut our spending in an attempt to increase individual savings, then our collective savings will paradoxically fall because one person's spending is another's income--the fountain from which savings flow." (See the top 10 financial collapses...
What about the spending? Again, there has been an Alice in Wonderland quality to much of the criticism, as if economist John Maynard Keynes were a fraud and government spending couldn't possibly create jobs--especially spending on biomedical research, education about sexually transmitted diseases or other programs that sound vaguely liberal and exotic. Jobs in biomedical research and sex education are real jobs. Granted, some spending proposals would work faster and better than others. But it's telling that House minority leader John Boehner ridicules programs to weatherize low-income homes--which would create jobs in a hurry, save...
...John Maynard Keynes, the trendiest dead economist of this apocalyptic moment, was the godfather of government stimulus. Keynes had the radical idea that throwing money at recessions through aggressive deficit spending would resuscitate flatlined economies - and he wasn't too particular about where the money was thrown. In the depths of the Depression, he suggested that the Treasury could "fill old bottles with banknotes, bury them at suitable depths in disused coal mines" then sit back and watch a money-mining boom create jobs and prosperity. "It would, indeed, be more sensible to build houses and the like," he wrote...
...right mix? Who knows? But if it's any solace, the intellectual godfather of all economic-stimulus plans, economist John Maynard Keynes, didn't think the specific content mattered all that much. It would be better to do something "sensible" with the money, he wrote in the 1930s. But the economy would still be helped if government simply chose to "fill old bottles with banknotes, bury them at suitable depths in disused coal mines, which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire...