February 20, 2020

ECLECTICS:WHAT DID WE LEARN FROM KEYNES?PART 8

all businesses compete equally.The complex nature of mordern economy seems to have defied the tenacity and pragmatism of this logic.Despite significant price and wages'changes over time,full employment not yet guarranteed,excluding the phenomenon of year 2000 when the United States experienced full employment equilibrium as the biggest peacetime historic expansion.I think for more than twenty years apart from 1980s'classicallike decrease in Reaganomics'marginal tax rates of the period,till 2000,no broadbased keynesian policy adopted.Obama era eclipsed this era and defied this logic to create25million jobs.Herbert Hoover's belief in depression era turnaround was considered naive byeconomists of the later period for his optimistic message of immanent prosperity was been based on discredited classical tradition as opposed to revolutionary total spending theory.The rocking boat metaphor was suitable only to classical tradition of a battered economy where rocking boat persist far too long and the boat was deeply

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