ECLECTICS:WHAT DID WE LEARN FROM KEYNES?PART 22

predominated 40s,50s and 60s a period in which government utilised tax reform to grow public spending to drive up velocity in economic growth and was counterproductive in the 70s.The keynesian philosophy by the mid-60s was seriously been challenged by the monetarists who placed more emphasis on monetary management.The monetarists gained followers by the late 60s due to accurate prediction of hydraheaded stagflation by its exponent even before it was fully dissected and deciphered by orthodoxies.The growth in the followership of the later school was also linked to two factors.They include the persistent delays in promulgating tax legislation and the later failure of tax increase of 1968 to positively impact much restrictive effect on the GDP necessitated its abandonment and doubt over its efficacy.The emergence of Robert Lucas and the so called league of New classical macroeconomists in the 1970s attacked both demand side and supply side economics.It argued that government cannot placed much emphasis on the