These days, the economic policies of the late American economist John Maynard Keynes seem to be in vogue again. Keynesian economics, which advocates the role of government in strongly stimulating the market, is back in favor after the proponents of laissez faire (free market) economics (e.g. The Austrian School, etc.) have fallen into disfavor. Former advocates of the free market’s ability to police itself like former US Federal Reserve Chairman Alan Greenspan are now ducking for cover.
So now that Keynesian economics is back, I would like to talk about how the Congressional Commission on Science & Technology and Engineering (COMSTE) plans to effect a stimulus of our local (almost nonexistent) technology sector, through a boost in our R&D spending. Senator Edgardo Angara of COMSTE has often stated in his talks and articles these days that we should view this dark cloud of the worldwide recession as a chance to grow our local technology industries, creating jobs in the process.