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Keynesian economics are the various macroeconomic theories and models of how aggregate demand strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. Instead, it is influenced by a host of factors – sometimes behaving erratically – affecting production, employment, and inflation.
Franco Modigliani was an Italian-American economist and the recipient of the 1985 Nobel Memorial Prize in Economics. He was a professor at University of Illinois at Urbana–Champaign, Carnegie Mellon University, and MIT Sloan School of Management.
Rose Wilder Lane was an American writer and daughter of American writer Laura Ingalls Wilder. Along with two other female writers, Ayn Rand and Isabel Paterson, Lane is one of the most influential advocates of the American libertarian movement.
Henry Stuart Hazlitt was an American journalist who wrote about business and economics for such publications as The Wall Street Journal, The Nation, The American Mercury, Newsweek, and The New York Times.
Paul Anthony Samuelson was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". Economic historian Randall E. Parker has called him the "Father of Modern Economics", and The New York Times considers him to be the "foremost academic economist of the 20th century".
The Employment Act of 1946 ch. 33, section 2, 60 Stat. 23, codified as 15 U.S.C. § 1021, is a United States federal law. Its main purpose was to lay the responsibility of economic stability of inflation and unemployment onto the federal government. The Act stated: it was the "continuing policy and responsibility" of the federal government to:
Isabel Paterson was a Canadian-American libertarian writer and literary critic. Historian Jim Powell has called Paterson one of the three founding mothers of American libertarianism, along with Rose Wilder Lane and Ayn Rand, who both acknowledged an intellectual debt to Paterson. Paterson's best-known work, The God of the Machine (1943), a treatise on political philosophy, economics, and history, reached conclusions and espoused beliefs that many libertarians credit as a foundation of their philosophy. Her biographer Stephen D. Cox (2004) believes Paterson was the "earliest progenitor of libertarianism as we know it today." In a letter of 1943, Rand wrote that "The God of the Machine is a document that could literally save the world ... The God of the Machine does for capitalism what Das Kapital does for the Reds and what the Bible did for Christianity."
Arthur Seldon, was joint founder president, with Ralph Harris, of the Institute of Economic Affairs, where he directed editorial affairs and publishing for more than thirty years. He is the father of political author Anthony Seldon.
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics. These include institutional, evolutionary, feminist, social, post-Keynesian, ecological, Austrian, complexity, Marxian, socialist, and anarchist economics.
In the United States, libertarianism is a political philosophy promoting individual liberty. According to common meanings of conservatism and liberalism in the United States, libertarianism has been described as conservative on economic issues and liberal on personal freedom, often associated with a foreign policy of non-interventionism. Broadly, there are four principal traditions within libertarianism, namely the libertarianism that developed in the mid-20th century out of the revival tradition of classical liberalism in the United States after liberalism associated with the New Deal; the libertarianism developed in the 1950s by anarcho-capitalist author Murray Rothbard, who based it on the anti-New Deal Old Right and 19th-century libertarianism and American individualist anarchists such as Benjamin Tucker and Lysander Spooner while rejecting the labor theory of value in favor of Austrian School economics and the subjective theory of value; the libertarianism developed in the 1970s by Robert Nozick and founded in American and European classical liberal traditions; and the libertarianism associated with the Libertarian Party, which was founded in 1971, including politicians such as David Nolan and Ron Paul.
Alvin Harvey Hansen was an American economist who taught at the University of Minnesota and was later a chair professor of economics at Harvard University. Often referred to as "the American Keynes", he was a widely read popular author on economic issues, and an influential advisor to the government on economic policy. Hansen helped create the Council of Economic Advisors and the Social Security system. He is best remembered today for introducing Keynesian economics in the United States in the 1930s and 40s.
The recession of 1937–1938 was an economic downturn that occurred during the Great Depression in the United States.
In United States politics, modern liberalism is a form of social liberalism. It combines ideas of civil liberty and equality with support for social justice and a well-regulated mixed economy. Modern liberalism opposes corporate monopolies, opposes cuts to the social safety net, and supports a role for government in reducing inequality, increasing diversity, providing access to education, ensuring healthcare, regulating economic activity, and protecting the natural environment. This form of liberalism took shape in the 20th century as the voting franchise and other civil rights were extended to a larger class of citizens, most notably among African Americans and women. Major examples of modern liberal policy programs include the New Deal, the Fair Deal, the New Frontier, the Great Society, and the Affordable Care Act.
Right-libertarianism, also known as libertarian capitalism or right-wing libertarianism, is a libertarian political philosophy that supports capitalist property rights and defends market distribution of natural resources and private property. The term right-libertarianism is used to distinguish this class of views on the nature of property and capital from left-libertarianism, a type of libertarianism that combines self-ownership with an egalitarian approach to natural resources. In contrast to socialist libertarianism, right-libertarianism supports free-market capitalism. Like most forms of libertarianism, it supports civil liberties, especially natural law, negative rights, the non-aggression principle, and a major reversal of the modern welfare state.
Merwin Kimball Hart was an American lawyer, insurance executive, and politician from New York who founded the "National Economic Council" and was "involved in controversial matters throughout his career."
Movement conservatism is a term used by political analysts to describe conservatives in the United States since the mid-20th century and the New Right. According to George H. Nash (2009) the movement comprises a coalition of five distinct impulses. From the mid-1930s to the 1960s, libertarians, traditionalists, and anti-communists made up this coalition, with the goal of fighting the liberals' New Deal. In the 1970s, two more impulses were added with the addition of neoconservatives and the religious right.
Joseph P. Kamp (1900–1993) was an American political activist from New York who ran the Constitutional Educational League and was jailed in 1950, for contempt of Congress.
Lorie Tarshis was a Canadian economist who taught mostly at Stanford University. He is credited with writing the first introductory textbook that brought Keynesian thinking into American university classrooms, the 1947 Elements of Economics. The work swiftly lost popularity after it was charged with excessive sympathy to communism by McCarthyist activists. Instead, the 1948 Economics by Paul Samuelson brought the Keynesian revolution to the United States.
Alexander "Alex" Trachtenberg was an American publisher of radical political books and pamphlets, founder and manager of International Publishers of New York. He was a longtime activist in the Socialist Party of America and later in the Communist Party USA. For more than eight decades, his International Publishers was a part of the publishing arm of the American communist movement. He served as a member of the CPUSA's Central Control Committee. During the period of McCarthyism in America, Trachtenberg was twice subject to prosecution and convicted under the Smith Act; the convictions were overturned, the first by recanting of a government witness and the second by a US Circuit Court of Appeals decision in 1958.
Mary Dublin Keyserling (1911–1997) was a liberal economist and federal employee noted for her sometimes contrarian views on issues faced by working women. Her time as an economist is largely linked to her time as a federal employee by her career and positions in the United States government. During her career as head of the United States Women's Bureau, Keyserling and her husband Leon Keyserling faced loyalty allegations during the Red Scare that impacted their governmental careers.
References
- James T. Harris (1951). The political philosophy of the National Economic Council, Inc. Amherst College
- Yale Divinity Library Guide to the Social Ethics Pamphlet Collection: National Economic Council, Inc. New York, NY. 1943, 1960-1961 Economic policy. International organization. Labor movement. Box 26 Folder 2. Newsletters and pamphlet reflecting conservative outlook of the Council on various issues.
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