Challenging such established ideas as the inevitability of the business
cycle and the taboo on deficit spending, the group of economists
associated with the Kennedy Council of Economic Advisers attempted in
the 1960s to convert their theories into government policy. The
successes, failures, elations. and frustrations of what came to be
called the New Economics is the subject of James Tobin's fascinating
account, based on the Janeway Lectures given at Princeton in 1972. In
making his assessment of the New Economics, Professor Tobin draws on his
close involvement in policymaking during the Kennedy years.
Originally published in 1974.
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