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Show f WASHINGTON and SMALL BUSINESS nllPH There's Always Power I One of the more interesting observations of the times is the flip flops that occur in the intellectual in-tellectual establishment. For a long time, the Keyne-slan Keyne-slan school of economics was all the rage. This was a theory developed during the British depression years between the two world wars by a former Oxford don, Lord Maynard Keynes. He reasoned in times of economic econ-omic decline that government should engage in a wide variety var-iety of public works projects to put people to work and so to speak "prime the pump." Then when things picked up and the private sector took over, taxes would be increased to pay off the deficit which occurred during the pump priming period. In this country one of the leading exponents of Lord Keynes was John Kenneth Gal-bralth, Gal-bralth, who has flitted back and forth from Harvard to Washington, and at one time was ambassador to India. There was one big trouble with the application of the Keynes theory, however. And that was political unreality. During boom years no politician politi-cian wanted to raise taxes to pay off any deficits. As was inevitable, the tinkering tinker-ing with the economy, and the constant building of government govern-ment deficits eventually led the nation down the road to a less happy economic condition. Natlonil FedAritlon of Independent Busli So, recently, from a podium in Cambridge, England, Dr. Galbraith announced the Key-nesian Key-nesian theories are now dead. As to be expected whenever the high priest of any cult announces an-nounces his god is dead, his followers waited with bated breath to learn what new god is being proposed to take the place of the expired one. Dr. Galbraith had the answer for this. Wage and price controls con-trols are essential, he claims, to lead American people back into the promised land. It may be necessary for wage and price controls to be instituted insti-tuted to save the day. But the interesting part of this pronouncement pro-nouncement is that when the theories of the extreme liberals do not work out, they fall back on the premise that the government gov-ernment should do something. In this case, it is for the government gov-ernment to step in and exercise what is tantamount to complete com-plete governmental control over the economy. There is perhaps an Ideological Ideo-logical and semantic distinction between government setting prices and wages, and complete com-plete totalitarianism, but the difference seems quite small. And It is most interesting that the extreme liberals who orate about extending the scope of democracy finally get around to espousing the antithesis of democracy. Den |