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Keynesian economics |
Also found in: Wikipedia, Hutchinson | 0.06 sec. |
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Keynesian economics An economic theory of British economist, John Maynard Keynes that active government intervention is necessary to ensure economic growth and stability. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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His virtues include a disinterested concern with economic outcomes and a willingness to accept the pragmatic goals of "full employment" and "reasonable price stability"--written into the Federal Reserve Act in 1978 when Old Keynesians could get away with such things. Liberalism's triumph turned to hubris by Richard Nixon's first term--when even Nixon proclaimed that "we are all Keynesians now," and sponsored a form of guaranteed income for the poor. And as Richard Nixon once declared, "We are all Keynesians now. |
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