A Quote by Adam Davidson
I don't think that much change comes from economists. I think it comes more from political realities. Probably the two giants of the 20th century, who actually did shift government policy in the U.S. and around the world, were John Maynard Keynes and Milton Friedman. I don't see anybody in our system who is at that level of influence.
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In 1936, John Maynard Keynes predicted the 'euthanasia of the rentier' before the end of the 20th century. It did not happen.
Friedrich Hayek, who died on March 23, 1992 at age 92, was arguably the greatest social scientist of the twentieth century. By the time of his death, his fundamental way of thought had supplanted the system of John Maynard Keynes - his chief intellectual rival of the century - in the battle since the 1930s for the minds of economists and the policies of governments.
All great economists are tall. There are two exceptions: John Kenneth Galbraith and Milton Friedman.
By the beginning of the 20th century, the debate about monetary policy and the nation's financial system had been going on for over a century. Increasingly, the shortcomings of the existing system were causing too much harm to ignore.
The different American experience of the 20th Century is crucial because the lesson of the century for Europe, which essentially is that the human condition is tragic, led it to have a build a welfare system and a set of laws and social arrangements that are more prophylactic than idealistic. It's not about building perfect futures; it's about preventing terrible pasts. I think that is something that Europeans in the second half of the 20th century knew in their bones and Americans never did, and it's one of the big differences between the two Western cultures.
Economists agree about economics - and that's a science - and they disagree about economic policy because that's a value judgment... I've had profound disagreements on policy with the famous Milton Friedman. But, on economics, we agree.
The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare.
Today we see how utterly mistaken was the Milton Friedman notion that a market system can regulate itself... Everyone understands now, on the contrary, that there can be no solution without government.
One of the most important skills of the economist, therefore, is that of simplification of the model. Two important methods of simplification have been developed by economists. One is the method of partial equilibrium analysis (or microeconomics), generally associated with the name of Alfred Marshall and the other is the method of aggregation (or macro-economics), associated with the name of John Maynard Keynes.
Relationships are at the core of any political system and economic system - any family - and I think we drifted away from understanding that in our country. The people-to-people level is critical. It is ironic, though - we can text with anybody in the world, we can have a videoconference with anybody in the world, but [there should be] an even higher premium on showing up and getting to know someone.
Wicksell's old-fashioned liberalism is reminiscent of John Maynard Keynes' attitude toward conscription during World War I. Keynes opposed conscription, but he was not a pacifist. He opposed conscription because it deprived the citizen of the right to decide for himself whether or not to join in the fight. Keynes was exempt as a civil servant from conscription; so there is no need to question his sincerity. Apparently his belief in the rights of the individual against a majority of his compatriots was very strong indeed.
I think, Tom Friedman is right, and I think that we have to - we have to have a serious public dialogue to try to shift public policy in that regard.
The people who started the American government, the founders of the Constitution, didn't like political parties but they were forced to start them. Nobody ever created political parties in England, they evolved. And there do tend to be two general tendencies that focus around how much government you think you need.
I am a 20th century escaped slave. Because of government persecution, I was left with no other choice than to flee from the political repression, racism and violence that dominate the U.S. government’s policy towards people of color.
Obviously, our political system is profoundly corrupted by, among other things, the influence of money. But, at a deeper level, the current structure is flawed because it looks to citizens for only two things - votes and money. I don't think we will see any healing until citizens are viewed in a whole new way.
Fossil fuel is very seductive stuff. [John Maynard] Keynes once said that, as far as he could tell, the average standard of living from the beginning of human history to the middle of the eighteenth century had perhaps doubled. Not much had changed, and then we found coal and gas and oil and everything changed. We're reaping the result of that, both ecologically and socially.
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