Word: keynesian
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Traditional Keynesian economists were the sharpest critics. Said John Kenneth Galbraith, a professor emeritus at Harvard: "The Administration has promised vigorous expansion through supply-side incentives in combination with monetary policy that works through high interest rates and a powerful contraction of the economy. This contradiction can only be resolved by divine intervention-a task for the Moral Majority." Adds Walter Heller, who was President Kennedy's chief economist: "Only an ostrich could have missed the contradictions in Reaganomics...
...early advocate of Keynesian economics, Smithies wrote extensively on the Federal budget, fiscal policy and full employment. His "The Federal Budget and Fiscal Policy," published in 1948, was regarded as the standard work in the field for two decades...
...real criticism of Mitterrand's economic program is not so much that it will precipitate disaster; it is rather that the whole concept of nationalization and Keynesian government intervention seems to belong to an outmoded 1960s-style of economic tinkering that has failed wherever it has been tried. Mitterrand seems to be marching to a distant and offbeat drummer and in the wrong direction. "This [nationalization] project," writes Historian Raymond Aron, "bears witness to the Socialist Party's archaic ideas." Says a prominent French banker: "The French don't do anything like other people. At the moment...
Galbraith did not lay out his career in tedious rows. Teaching, Government service and writing follow a cyclical path. As a university instructor he feared "that my superiority would not be recognized." He found ample acceptance for his expertise in public service and journalism, first, in 1940, as a Keynesian economist for the American Farm Bureau Federation, during World War II in the Office of Price Administration, and then as an interrogator of Nazi war criminals and assessor of Allied bomb damage. Whenever Washington appeared to offer him an office but little to do, he returned to FORTUNE, where...
None of the protagonists is exactly snatching numbers out of the air; all have been advised by eminent economists and statisticians. Broadly speaking, the "supply-side" economists working for the Administration think that spending and tax cuts will bring down inflation, unemployment and interest rates fairly rapidly. The predominantly Keynesian economists who advise the Democrats expect a slower change...