We're all Keynesians now.
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Milton Friedman, Time cover story, 31 December 1965
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Time published a letter from Friedman 4 February 1966 saying: Sir: You quote me as saying: “We are all Keynesians now.” The quotation is correct, but taken out of context. As best I can recall it, the context was: “In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian.” The second half is at least as important as the first.
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Often misattributed to President Richard Nixon.John Maynard Keynes
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Although it is obvious that the Keynesians were all wrong and interventionism and central economic planning don’t work, whom are we listening to for advice on getting us out of this mess? Unfortunately, it’s the Keynesians, the socialists, and big-government proponents. Who’s being ignored? The Austrian free-market economists — the very ones who predicted not only the Great Depression, but the calamity we’re dealing with today. If the crisis was predictable and is explainable, why did no one listen? It’s because too many politicians believed that a free lunch was possible and a new economic paradigm had arrived. But we’ve heard that one before — like the philosopher’s stone that could turn lead into gold. Prosperity without work is a dream of the ages.
Ron Paul
Keynes, John Maynard
Keys, Alicia
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