@silent said:In the first edition of 'Economics', Samuelson claimed that the Keynesian “theory of incomedetermination” was “increasingly accepted by economists of all schools of thought,” and that its policy implications were “neutral”. For example, “it can be used as well to defend private enterprise as to limit it, as well to attack as to defend government fiscal interventions.” However, his explanation of the model emphasized that “private enterprise” is afflicted with periodic “acute and chronic cycles” in unemployment, output and prices, which government had a responsibility to “alleviate”. “The private economy is not unlike a machine without an effective steering wheel or governor,” Samuelson wrote.______________________________________(1) By the seventh edition, Samuelson was no longer using the “machine minus the steering wheel” metaphor.(2) By the fourth edition, he declared that “90 percent of American economists have stopped being 'Keynesian economists' or 'anti-Keynesian economists'.(3) Compensatory fiscal policy tries to introduce such a governor or thermostatic control device. (4) He labeled this new economics a “neo-classical synthesis”.(5) In reading Samuelson's early editions, a student might reasonably conclude that there are no other schools of thought.
(4) ?? 

2500
....Theek hain phir CAT ke baad mil lena ek date pe.....Tab toh free ho na aap?? :is growing desperate: :P
8th may is thursday 