Word: keynesian
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Barker Professor of Economics Stephen A. Marglin ’59, a Marxist, laughably promises to “provide a more balanced approach” to Ec 10 than the conservative Keynesian (or moderate Republican) Baker Professor of Economics Martin S. Feldstein...
...high-glamour manufacturing, new public-spending projects and continued domestic protection. Japan already has more infrastructure than it needs (its "bridges to nowhere" have been made famous by frequent ridicule in the local press) and government debt handily exceeds GDP?two good indicators that the returns on those Keynesian stimuli are diminishing. But like the laboratory pigeon that keeps hitting the lever even though the reward is no longer coming, Japan's government can't stop banging away with its favorite but increasingly useless palliatives: public spending and fiscal stimulus...
DIED. JAMES TOBIN, 84, Nobel-prizewinning economist and adviser to President John F. Kennedy; in New Haven, Conn. A Yale professor and promoter of the Keynesian theory, which advocates government intervention to regulate economic cycles, Tobin crafted the Kennedy tax cut that spurred the boom of the early 1960s. His Nobel-winning portfolio-selection theory--which posits that investors do not simply seek the highest yielding assets but vary them according to risk tolerance and other factors--changed conventional thinking on how Americans spend and invest money...
That wasn't crass; it was right. Shopping, traveling, gambling (Las Vegas has been losing $30 million a day in revenues) and dining out make perfect Keynesian sense. It's not surprising then that lobbyists are wrapping the flag around breaks for their sector. Last week the "hospitality" industry, billing itself as "the poster child of the consumer retrenchment post-Sept. 11," was busy trying to revive the full deduction for business meals. Slashed by tax reformers in 1986 as a subsidy to the professional classes to eat large at public expense, the 100% deduction is now just the boost...
...That wasn't crass; it was right. Shopping, traveling, gambling (Las Vegas has been losing $30 million a day in revenues) and dining out make perfect Keynesian sense. It's not surprising then that lobbyists are wrapping the flag around breaks for their sector. Last week the "hospitality" industry, billing itself as "the poster child of the consumer retrenchment post-Sept. 11," was busy trying to revive the full deduction for business meals. Slashed by tax reformers in 1986 as a subsidy to the professional classes to eat large at public expense, the 100% deduction is now just the boost...