Economics in the Long Run: New Deal Theorists and Their Legacies, 1933-1993

By Theodore Rosenof | Go to book overview

6.
Hansen versus Means, Means versus Keynes

The National Resources Committee, later the National Resources Planning Board, had been Gardiner Means's base of operations since 1935. Under his influence the board, like the Department of Agriculture, was a bastion of New Deal structural planning. That planning was based on an analysis of the structure of the economy which concluded that the malfunctioning of the market required new public mechanisms to coordinate price and production policy. But the impact of the recession of 1937-38, following the failure and demise of earlier and, by the standards of planners such as Means, highly imperfect "planning," such as that of the National Recovery Administration, led to a growing emphasis on fiscal policy, public spending, and Keynesianism. This approach, it was now argued, would stimulate the economy by raising aggregate levels of investment,

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