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Extra info for Keynes’s Relevance Today
Further, it presumed a positive relation between work effort and economic incentives as represented by after-tax incomes, whereas the Kennedy tax reduction relied upon the aggregate effects of Keynes's psychological propensity to consume; the former relies on Keynes's Post- War Policy Proposals 45 individual decisions to adjust productive effort to real income, a decision over which individuals have very little control, while the latter aimed at preventing the creation of a budget surplus by relying on the aggregate relation between income and expenditure, the degree of effort assumed constant.
In commenting on the financing of the social security system proposed in the Beveridge Report Keynes comments: We need to extend, rather than curtail, the theory and practice of extra-budgetary funds for state operated or supported functions. Whether it is the transport system, the Electricity Board, War Damage or Social Security. The more socialised we become, the more important it is to associate as closely as possible the cost of particular services with the sources out of which they are provided even when a grant-in-aid is also required from general taxes.
A. KREGEL I DEFICIT SPENDING AND ECONOMIC POLICY Economists are often accused of being out of touch not only with the real world but with common opinion. The early 1960s are today regarded with nostalgia by many economists as the period in which 'Keynesian' policies 'worked'. In the United States these were the Kennedy-Johnson Years of the New Frontier and the Great Society based on the sustained growth in GNP generated by Walter Heller's tax cut. 1 I can still remember attending a seminar by Paul Samuelson who during this period was at least informally associated with the formulation of government policy.