November 18, 1998

If you read the newspapers with any regularity, you probably have noticed the continued strength of the Keynesian influence in policymaking and market analysis. In just our most recent survey of the popular press, we've noted three prime examples of how the Keynesian framework may sometimes lead policymakers and investors to face unnecessary Hobson's choices. The first of these is whether the U.S. is going to have a soft landing - a slowing of economic growth that will keep us just short of recession. We'll show that, under a price rule monetary policy, the answer is an unequivocal yes - what's more, we show why this is really a non-issue. The second example is the Japanese stimulus package: a classic Keynesian package that's doomed to fail. And finally, why the reforms demanded by the IMF to turn Brazil's economy around - Keynesian reforms through and through - will meet with only limited success.

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