Conservative Economic Theory versus 1960 Liberal Economic Theory

 

Economics Without The B.S.**: 

[**  Double entendre intended. 

Conservative Economic Theory versus

1960 Liberal Economic Theory

 The difference between “Libertarian” Milton Friedman’s economics and the “Liberal” economics of the Kennedy/Johnson years:

Milton Friedman said: 

        High employment
        Stable prices, 
        Rapid growth

JFK’s economic advisors:  

        Maximum, productivity
        Maximum employment
        Maximum purchasing power

Milton Friedman was an advocate of a limited federal government to preserve individual liberties.

JFK’s economic team were advocates for the economy operating at its full potential and if it wasn’t the role of the federal government was to provide incentives to the private sector to alter capital formation in order to get the economy at its full potential.  

[By the way, by the economy’s peak performance in 1965/1966 industrial capacity was at 90%.]

And by the way, Milton Friedman never worked in government, like JFK’s economic team.  You can obtain their report in the link below.

Economic Report of the President 1962: Together with The Annual Report of the Council of Economic Advisors