Word: rightnesses
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Dates: during 1970-1979
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Still undergraduates when Keynesianism was flourishing in the late 1950s and the 1960s, the new economists are now professors in their own right at universities around the country. Among them: Martin Feldstein, 39, of Harvard, who is the leading thinker in the group; Robert Lucas, 41, of the University of Chicago; Michael Boskin, 33, of Stanford; Rudiger Dornbusch, 37, and Stanley Fischer, 35, both of M.I.T.; as well as many, many others...
...group represents what might be termed the rubber band school of economics?what the profession itself calls "elasticity." The sensible notion is that people respond to the specific incentives of price and supply and that, given the right incentives, the market itself is better equipped than the Government to bring about lower prices and more supplies of what people want and need...
...economists argue that instead of providing the right incentives, government policy has been coming up with all the wrong ones. They assert that Government has motivated Americans to spend too much and save too little. They charge that federal tax, budget and monetary policies have promoted immediate consumption instead of investment for the future. Their fundamental warning: America has been living off, and eating into, its capital stock. Many of its factories and machines have become outmoded; its old industrial cities have become rundown; its work force has become less productive; real growth has swung low while demand has remained...
...reducing government spending. But that required a degree of wisdom seldom seen in the spend-and-spend, elect-and-elect politicians of a democracy. Apostles of Keynes contended that to maintain the proper level of demand, the Government regularly had to "fine-tune" the economy with just the right amount of stimulus, either tax cuts or spending increases, or maybe both at once. As Feldstein puts it, the nonstop jiggling and juggling amounted to "an embellishment of Keynes beyond anything that he had claimed...
...appealed repeatedly to the Home Office to help halt the attacks. The Bengalis' cause was taken up last year by the Anti-Nazi League, a leftist group formed to combat the National Front, but Bengalis are wary of being caught in the crossfire between left and right. "We need all the understanding possible to get along with the host country," explains Mustafa, "but we are the scapegoats in the confrontation. Where are our rights...