Word: keynesian
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Dates: during 1960-1969
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...Congress enacts President Kennedy's $11.5 billion tax cut, a victory for Keynesian economic policy...
...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...
...baggy brown suit and well-worn shoes, Friedman met for lunch with 20 impeccably tailored mutual-fund advisers and entertained them with unexpected quips and sallies. Later he spent two hours answering questions from some 50 Harvard and Radcliffe students who, unhappy with the schools' accent on Keynesian precepts, have recently formed the Association for the Study of Friedman Economic Doctrines, or "the Milton Friedman Fan Club...
M.I.T.'s Paul Samuelson, a leading Keynesian economist, has complained that Friedman's students are "brainwashed" because they cannot stand up to their teacher in classroom discussion. But nobody questions Friedman's popularity on the campus; in addition to his 30 regular students, another 100 drop in to his classes to listen. Some of Friedman's followers do take too literally the ideas that Friedman states in extreme form partly for shock value. "That is an effective device to get people's attention," Friedman admits. It also adds zest to economic dialogue. Samuelson says: "To keep the fish that they...
Earnings this year have been assaulted by the 10% tax surcharge-an essentially Keynesian measure designed to retard demand and inflation as well as by the rising costs of labor, money and materials. Even so, profits generally reached new peaks in the first quarter. The Wall Street Journal, in a survey of 519 firms, found a 7.8% increase in aftertax profits-just about the same as in the last quarter...