ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Dog Beneath the Skin

ago under conditions radically different from those that exist today should still be favoured so strongly and adhered to as zealously. First, Keynesian pragmatism is well adapted to the American conditions where government intervention in the working of the economy is kept to a minimum and on an ad hoc basis by powerful interest groups. Second, the Keynesian type of cyclical analysis fits easily into the short range orientation of policy-makers obsessed with the wiggles and jiggles of the macro-economy and its indicators. Third, the elimination of the "growth gap" proposed by Okun and adopted by Kennedy during his campaign, became the sine qua non of the "neo-growth-oriented Key- nesianism" replacing the ill-fated nature-economy stagnation hypothesis of Keynes' admirers like Alvin Hansen. Thus, the dismal depression economics became after all a pragmatic tool-kit, countered the recession and seemed to show the way of stimulating growth without resorting to planning and management of the economy.

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