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- Title
Discussion and conclusion: a global perspective on the world economy.
- Authors
Hague, Douglas
- Abstract
This article presents information regarding the world economic. Interpretations of current economic developments are relevant and illuminating only to the extent that they are rooted in theory and, by its very nature, theory is likely at best to explain recent rather than current developments. Keynesians believe that the detailed manipulation of demand through fiscal measures what economists call fine tuning is the main requirement of an effective economic policy. Their views on how the current recession in all the major industrial countries should be countered still give a major role to increased government expenditure. Even Keynes did not do this quite wholeheartedly in the 1930's, emphasizing the need for private investment. And, whatever Keynes might be today, it is fairly certain that he would not be a Keynesian. Monetarists worry that high government expenditure can be financed only by creating excess money which causes inflation. Since they also doubt the ability of politicians and civil servants to fine tune the economy successfully, monetarists prefer a hands-off approach.
- Subjects
KEYNESIAN economics; ECONOMIC development; ECONOMIC indicators; SOCIAL policy; HOUSEHOLD employees; ECONOMIC policy
- Publication
International Social Science Journal, 1983, Vol 35, Issue 97, p535
- ISSN
0020-8701
- Publication type
Article