The New Economics One Decade Older

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Focusing on the New Economics movement of the 1960s, this account delves into the efforts of economists from the Kennedy Council of Economic Advisers to influence government policy by challenging traditional beliefs about the business cycle and deficit spending. James Tobin shares insights from his direct involvement in policymaking during this era, reflecting on the movement's successes, failures, and the overall impact of their innovative theories. The narrative is based on his Janeway Lectures delivered at Princeton in 1972.