ECLECTICS:WHAT DID WE LEARN FROM KEYNES?PART 12

or council for economic development that initiated the concept of"stabilizing budget policy"purely indicating reliance on economy's built-in automatic stabilizers?The theory that stabilised tax rate for a sufficient period was allowed to change when gross national product equally declined and the people had less income to be taxed.Hence,this put more money into peoples'pocket and did not allow consumer spending to deeply decline and instead of deeper recession the economy,cushioned by stable consumer spending inched its way towards prosperity once again.By the summer of 1954 it was a great success and recession worries slowly ebbed.Some economists baffled were inspired to ask in their problem set:Why had these stabilizers worked so effectively well during Eisenhower period and not during the depresion era?The answer was simple public spending and government involvement had grown exponentially than the depression era.Many thanks to Keynesian world machine driving the American economy.Moreover,we recall the