Word: samuelson
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Dates: during 1950-1959
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Economics 1, with the greatest enrollment of any College course is a case in point. Using a popular text-book by MIT's Paul A. Samuelson, the course lays great stress on Federal fiscal policy (e.g. "countercyclical spending" by the national government to help offset periodic business slumps). Lecturers include Seymour Harris, Chairman of the Department and John Kenneth Galbraith, author of The Affluent Society...
Economics 1, with the greatest enrollment of any College course is a case in point. Using a popular text-book by M.I.T.'s Paul A. Samuelson, the course lays great stress on Federal fiscal policy (e.g. "countercyclical spending" by the national government to help offset periodic business slumps). Lecturers include Seymour Harris, Chairman of the Department and John Kenneth Galbraith, author of The Affluent Society...
...Paul A. Samuelson, professor of Economics at M.I.T., last night urged immediate government action to curb the present recession. In so doing, he leveled an attack at the administration, President Eisenhower in particular, for its over-cautious stand in the current crisis...
Although he indicated that there is no sure-fire solution to the "worst post-war recession," Samuelson said that a sizable tax cut and increased governmental expenditures should be attempted. This added governmental spending should be in areas which could use more financing, such as national defense, civil defense, and schools, highways, and post offices, rather than on projects designed for the sole purpose of spending, he added...
...fact is that virtually no non-Keynesian economics, that is, "classical" or "laissez-faire" economics, finds its way into the course, except in derogatory terms. In Samuelson's "Economics," basic reading for Ec 1, Ludwig von Mises and Friedrich A. Hayek are relegated to two brief footnotes each (Yes indeed, who are they?). Wilhelm Roepke isn't even mentioned. In one of the sections, Henry Hazlitt was denounced as representative of the most "reactionary" economic views today, fortunately limited only to a "fringe" group. There is practically no analysis this year of Adam Smith, Spencer, Alfred Marshall, W.G. Sumner...