Policy Implications of the Alternative Interpretation
During the first quarter-century after World War II the advanced capitalist economies succeeded in avoiding a great depression. For a while in the 1960s, self-proclaimed Keynesians were important government advisors and officials in the United States. They proclaimed the conquest of the business cycle as it was known in history. They asserted that by the appropriate use of monetary and fiscal policy, the economy could now be fine-tuned so that recessions and depressions would no longer take place.
KeywordsBusiness Cycle Fiscal Policy Federal Reserve Money Supply Full Employment
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