Economic Ideas in Political Time The Rise and Fall of Economic Orders from the Progressive Era to the Global Financial Crisis
Book contents
- Economic Ideas in Political Time
- Reviews
- Economic Ideas in Political Time
- Copyright page
- Contents
- Preface
- Book part
- Part I Theoretical and Historical Foundations
- Part II The Construction, Conversion, and Collapse of the Keynesian Order
- 3 Constructing the Keynesian Order: Breaking Finance and Boosting Labor
- 4 Converting the Keynesian Order: Toward the Neoclassical Synthesis
- 5 Constructing the Great Stagflation: From Accommodation to Transformation
- Part III The Construction, Conversion, and Crisis of the Neoliberal Order
- Part IV Conclusions
- Bibliography
- Index
4 - Converting the Keynesian Order: Toward the Neoclassical Synthesis
from Part II - The Construction, Conversion, and Collapse of the Keynesian Order
Published online by Cambridge University Press: 05 July 2016
Book contents
- Economic Ideas in Political Time
- Reviews
- Economic Ideas in Political Time
- Copyright page
- Contents
- Preface
- Book part
- Part I Theoretical and Historical Foundations
- Part II The Construction, Conversion, and Collapse of the Keynesian Order
- 3 Constructing the Keynesian Order: Breaking Finance and Boosting Labor
- 4 Converting the Keynesian Order: Toward the Neoclassical Synthesis
- 5 Constructing the Great Stagflation: From Accommodation to Transformation
- Part III The Construction, Conversion, and Crisis of the Neoliberal Order
- Part IV Conclusions
- Bibliography
- Index
Summary
In chapter four, I address the intellectual conversion of this order and rise of the Council of Economic Advisers, as a postwar intellectual aversion to public appeals spurred calls for an “end of ideology.” With respect to authority, the Council of Economic Advisers would increasingly oppose presidential exhortation and wage guideposts. Instead, in policy terms, fiscal fine tuning of a Phillips Curve trade-off between inflation and unemployment would displace wage-price regulation. Such priorities were advanced as the Council criticized wage guidelines in the 1962 Kennedy steel dispute, Johnson debates over Vietnam War spending, and anticipated Nixon calls for a macroeconomic “gradualism.”
- Type
- Chapter
- Information
- Economic Ideas in Political TimeThe Rise and Fall of Economic Orders from the Progressive Era to the Global Financial Crisis, pp. 77 - 108Publisher: Cambridge University PressPrint publication year: 2016