But the aged are very powerful, economically as well as politically; they are vulnerable emotionally, but society is vulnerable to their asset management. Adequate existing research shows how generational wealth transfers are of great macroeconomic importance. Perhaps financial regulators whisper about it, afraid to open a vast, difficult subject; a Keynes think-tank can raise the conversation without remorse.
Today's common sense holds that retirement burdens society. Certainly senior benefits, paid from current wages, are a social rent. But this is only part of the story. American and global assets most heavily swell the accounts of people over 65. If they fear retirement benefits won't arrive, they should increase hording, an age-based tendency of macroeconomic importance.
Social security's generation "deal", whereby the young pay tax to support the old, is not a one-way street. Unlocking the nation's biggest source of potential capital requires rewarding the elderly. One finds Keynes faintly revolutionary when dealing with hoarding and stodgy economic actors. Accumulated riches that end bound up in aging estates produce idle people, and sap the economy's engine. Better for society to provide for the estate rulers, than suffer the consequences of their family's greed.
But I put the policy cart in front of the research horse. To speak clearly on this subject will require study.
In conclusion, what should the Keynes think-tank be called? There's meaning in a name.
Building on historian GH Mead's ideas, if Americans usually cluster in five ideological groups, there's only four chairs at the captain's table. Since the 1980's, "liberals" were the ones left standing. But they're last in a long series of ostracized views, from the dreaded "abolitionist" category during the 1830's, to being a "Wilsonian" a hundred year later. Along with "liberal", the one called Keynes has been sunk in opprobrium. I proceed assuming Keynes can lose his stench, whether by dashing to pieces Keynesian political assumptions, or renaming his ideas with a different title. Keynes himself would understand that ideas, not names, make action. The Inquisition by any other name would be as horrid; the "Americans for Prosperity" group will do no less harm than if they were accurately labeled "insurance executives for stock profits".
Liberals are associated with bleeding hearts; Keynes with stagflation, tunes which please the right-wing ear. Although today's engaged left calls itself progressive, this name is not a bigger tent. "Americans for Prosperity" belies the hand of greedy pay masters, as "People for the American Way" implies faintly creepy folks. For mainstream left, a tank named "American Providence" seems better, because it reflects a view, not viewers. Keynes, on the other hand, can fall victim to Jekyll and Hyde effects, depending on his descriptors. Keynes helped Britain win World War II, and this Keynes was anti-Keynesian. Keynes ran the "Chest Fund" at King's College in Cambridge during the depression, and this Keynes was old school centrist.
Perhaps his new label should be "Organic Keynes." But the think-tank might get more financial support with something like "American Providence". Laugh on, if you think there's no room for a liberal. Ambitions hope and pendulums swing.
Today's common sense holds that retirement burdens society. Certainly senior benefits, paid from current wages, are a social rent. But this is only part of the story. American and global assets most heavily swell the accounts of people over 65. If they fear retirement benefits won't arrive, they should increase hording, an age-based tendency of macroeconomic importance.
Social security's generation "deal", whereby the young pay tax to support the old, is not a one-way street. Unlocking the nation's biggest source of potential capital requires rewarding the elderly. One finds Keynes faintly revolutionary when dealing with hoarding and stodgy economic actors. Accumulated riches that end bound up in aging estates produce idle people, and sap the economy's engine. Better for society to provide for the estate rulers, than suffer the consequences of their family's greed.
But I put the policy cart in front of the research horse. To speak clearly on this subject will require study.
Building on historian GH Mead's ideas, if Americans usually cluster in five ideological groups, there's only four chairs at the captain's table. Since the 1980's, "liberals" were the ones left standing. But they're last in a long series of ostracized views, from the dreaded "abolitionist" category during the 1830's, to being a "Wilsonian" a hundred year later. Along with "liberal", the one called Keynes has been sunk in opprobrium. I proceed assuming Keynes can lose his stench, whether by dashing to pieces Keynesian political assumptions, or renaming his ideas with a different title. Keynes himself would understand that ideas, not names, make action. The Inquisition by any other name would be as horrid; the "Americans for Prosperity" group will do no less harm than if they were accurately labeled "insurance executives for stock profits".
Liberals are associated with bleeding hearts; Keynes with stagflation, tunes which please the right-wing ear. Although today's engaged left calls itself progressive, this name is not a bigger tent. "Americans for Prosperity" belies the hand of greedy pay masters, as "People for the American Way" implies faintly creepy folks. For mainstream left, a tank named "American Providence" seems better, because it reflects a view, not viewers. Keynes, on the other hand, can fall victim to Jekyll and Hyde effects, depending on his descriptors. Keynes helped Britain win World War II, and this Keynes was anti-Keynesian. Keynes ran the "Chest Fund" at King's College in Cambridge during the depression, and this Keynes was old school centrist.
Perhaps his new label should be "Organic Keynes." But the think-tank might get more financial support with something like "American Providence". Laugh on, if you think there's no room for a liberal. Ambitions hope and pendulums swing.
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