Describe what is meant by “one-eyed” Keynesianism.
What will be an ideal response?
“One-eyed” Keynesianism is the tendency of the government to run budget deficits much of the time, even though Keynes advocated running deficits only when the economy was in need of stimulation to foster growth. The government has tended to see only the budget-deficit-endorsing, not the budget-surplus-endorsing, aspects of Keynes’s theory.
You might also like to view...
Under the current U.S. Constitution, relations between the national government and state governments is based on which of the following systems?
A) ?unitary B) ?confederal C) ?federalist D) ?monarchical E) ?anarchic
While presidents don't have direct control over regulatory commissions, they can strongly influence their direction through
A) ?putting strings on their budget. B) ?pre-allocating their budgets. C) ?their appointments of new commissioners. D) ?congressional oversight committees. E) ?executive orders.