“Retreat From Keynes”
Sir,—Dr Muriel Lloyd Prichard’s remarks about Keynes are hung on an incredibly biassed selection of the evidence. Ignoring the Kennedy years, when application of Keynesian theory had almost exactly the calculated effect in reducing unemployment without increasing inflation, she seems to attach exaggerated importance to one small nine-month period following an excessive “eleven billion dollar deficit” in President Johnson’s budget She thinks it critically significant that there was a slight delay before inflation accelerated. And after a number of distortions of Keynesian views, Dr Prichard concludes with approval, “Thus the retreat from Keynes accelerates,” and we read elsewhere that, after rapid economic growth under Kennedy’s Keynesian policies, the non-Keynesian Nixon Administration has managed to achieve a 3 per cent decline in production in only three months of this year. “The retreat from Keynes” celebrated by Dr Prichard thus seems to be giving Americans little to cheer about.— Yours, etc., MARK D. SADLER. May 25, 1970.
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Press, Volume CX, Issue 32306, 26 May 1970, Page 14
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158“Retreat From Keynes” Press, Volume CX, Issue 32306, 26 May 1970, Page 14
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