Word: keynesian
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Dates: during 1980-1989
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...politicians' estimate, the voters are relatively unconcerned about ideology, wary of dogmatism and extremes, and interested solely in results. "They don't care about supply-side or Keynesian economics," explains one presidential aide. "They will be dissatisfied with either one until they see Government working for them, until they see a meaningful improvement in their lives." The lesson for Ronald Reagan, says one of his political strategists, is that the election pressures should nudge him toward a greater pragmatism but no abandonment of his basic course. What the voters gave the President, in this adviser's view...
...much of Stigler's quiet and unassuming professional life, however, his conservative views were largely ignored by academia's numerous Keynesian-oriented economists. But as often happens with original ideas, Stigler's seminal studies on the interplay between politics and economics have in recent years come more and more into the mainstream...
Superficially, one risks being thought a perverse neo-Keynesian mandarin if one comes out against balanced budgets. It is like being against motherhood-or worse. The balanced-budget amendment stipulates that before each fiscal year, Congress shall prepare a plan in which income and outgo match. The rule may be waived in time of war. Otherwise, deficit spending is permitted only when three-fifths of both houses approve the indulgence...
That in a way, is the irony of The Brandeis Frankfurter Connection. For all their machinations, both men emerge as wise and present leaders--men whose visions helped bring America Keynesian economics and compassionate social welfare policies, and helped give the world a Zionist homeland (thanks to their vigorous advocacy at home and abroad). Though Murphy refuses to entertain the possibility seriously, there is a place for informal judicial involvement in America's policy-making apparatus so long as judges steer clear of entanglement that could prejudice their decisions. For as the lives of Brandeis and Frankfurter show, judges often...
...glorification of balanced budgets has reoccurred only recently, and, in fact, enjoys far from broad support. Try as he has, the President has failed to sound the death knell of Keynesian fiscal policy. If anything, the unemployment and recession that has partially resulted from his diminished social budget suggests just how efficacious federal outlays could be, deficit or not. A 27th amendment establishing balanced budgets would likely go the way of the ill-fated 18th amendment once America again saw the need for direct federal stimulus to the economy and succor for its needy...