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Economics in PerspectiveA Critical History$
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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171647

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171647.001.0001

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High Noon

High Noon

(p.274) Chapter 19 High Noon
Economics in Perspective

John Kenneth Galbraith

Princeton University Press

This chapter examines the gains made by the Keynesians after World War II. The war had eliminated unemployment, and advocates of Keynesian economics were still exerting influence in Washington and had found allies in the business world. The underemployment equilibrium would now be deliberately discarded by government in favor of full employment. The chapter first considers the bill proposed by Keynesians in the executive branch and sponsored by four senators to put the economics of John Maynard Keynes firmly and fully into law, and how it revived the debate between those who believe themselves to be saving capitalism and those concerned to save it from its saviors. It then discusses the passage of the Employment Act of 1946 and some developments that had important implications for Keynesianism, including the Input–Output Analysis of Wassily W. Leontief and the econometric or computer models of the economy.

Keywords:   unemployment, Keynesian economics, underemployment equilibrium, employment, John Maynard Keynes, Employment Act, Keynesianism, Input–Output Analysis, Wassily W. Leontief, econometric models

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