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Are We 'All Keynesians Now' - Again?

Washington's big rate cuts and fiscal stimulus

It was 1971 when Richard Nixon, a conservative, uttered the famous phrase "We are all Keynesians now”. But there was a backlash soon to follow, with Ronald Reagan and Margaret Thatcher changing the world as perhaps no two other people did in the 20th century. Ronald Reagan's "supply-side economics" was never taken seriously in the economics profession – even at the height of his influence there was barely a handful of economists that would lend their names to it. But the economics profession did, in its research at least, throw out many of the insights that had made John Maynard Keynes the most influential economist of the century. By Mark Weisbrot

 

Among these insights was Keynes' explanation that self-regulating markets would not necessarily fix an economy that had fallen into recession, so as to restore growth and full employment. And that government intervention could help do the job that markets could not ...

... this article is published in
Issue 1/Jan-Feb 2008 for subscribers only. For direct log in >>> click here. If you have no subscription >>> pick your option or >>> buy the article.

Posted: 31 Jan 2008

More on the subject:
>>> The Risk of a Global Economic Recession
>>> The Global Establishment and Global Inequality







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