Word: keynesian
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Dates: during 1970-1979
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Edward Kennedy: Though his advisers include Keynesian luminaries Walter Heller, Joseph Pechman and Arthur Okun, Kennedy is playing down his 17-year Senate record as a liberal Big Spender and emphasizing his economic "pragmatism." Last week Mobil's outspoken public affairs vice president, Herbert Schmertz, joined the Kennedy campaign staff as a top media adviser, even though Schmertz has repeatedly condemned the Senator's attacks on the oil industry. Kennedy supports the budget-paring efforts of Carter, but he fought this year to protect social spending programs from major cuts and co-sponsored legislation for such programs...
Just what is supply economics? According to the business press, it is the latest successor to Keynesian economics: if we could ditch obsolete ideas and get a better answer for the supply side of the equation, we could overcome stagflation...
...production-cost aspect which is a part of any economic system, and is at the center of most socialist and less-developed economies. Advanced industrial societies seemed to have the production problems solved, and their business cycles appeared to originate mainly in fluctuations of private and public demands. The Keynesian analysis seemed appropriate since its focus was on the demand side...
...depressants which produce these unfortunate results. In its extreme Kemp-Roth form, the damage to capital formation and work effort by the tax system is said to be so great that massive tax relief would create more supply than demand and lower inflation. This is indeed a counter-Keynesian conclusion since it associates a huge increase in fiscal stimulus with a reduction in inflation. The challenge to this school of supply economics is to show empirically that the supply response created by a massive tax cut would be greater than the boost in demand. Otherwise, Kemp-Roth is just another...
LESTER THUROW, 41. A liberal who remains a moderate Keynesian, Thurow favors tax reductions to fight economic slump. To combat inflation, he opposes inducing a recession or putting on wage and price controls, both of which he considers unfair. Instead, Thurow, who is an M.I.T. professor, advocates removing Government price props, such as subsidies and tariffs...