Here Today, Keynes Tomorrow
“Keynesian ideas seem to pop up time and time again, especially in times of crisis. Keynes himself even sensed the impact his theories were going to have. When Keynes was writing the General Theory he wrote to George Bernard Shaw in 1935, “…you have to know that I believe myself to be writing a book on economic theory which will largely revolutionize – not, I suppose, at once but in the course of the next ten years – the way the world thinks about economic problems.”
Sadly, Keynes prediction turned out to be true. Naturally, Austrian Economists were some of the leading critics of Keynes’s ideas. In fact, many believe the debate in economics in the 20th century boils down the ideas of Keynes vs. the ideas of F.A. Hayek and Keynes, at least initially, won the battle. As Paul Samuelson had brought the Keynesian revolution to America with his 1948 textbook, Economics, which by this time Keynesian ideas were the norm.” Read more.
Here Today, Keynes Tomorrow
Nicholas Snow
From the Archives, September 26, 2010.
Via the Foundation for Economic Education.
