A Quote by Robert H. Frank
As John Maynard Keynes taught us in the 1930s, in such situations, government is the only entity with both the motive and the ability to boost total spending by enough to put people back to work. As it happens there are long lists of important public projects that cry out to be done.
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Keynes's contribution was not just to advocate spending government money in the middle of a recession. Every government had done that going back to the days of the Irish potato famine. What he gave to us was a way of thinking about the magnitude and the dimensions and so forth.
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.
As far as I can find, almost no one in the profession - not even luminaries like John Maynard Keynes, Friedrich Hayek, or Irving Fisher - made public statements anticipating the Great Depression.
You don't need to be a John Maynard Keynes to understand that if Britain leaves the European market, a border will have to be put in place - and that would break U.K. obligations in a treaty lodged at the United Nations.
John Maynard Keynes essentially said, don't try and figure out what the market is doing. Figure out a business you understand, and concentrate.
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.
The question is: How do we reduce spending from 25% of GDP, which is where Obama put us? The focus is on total government spending. Can we bring it down, in a reasonable and politically acceptable way? That's what the Paul Ryan plan does. It puts us on a gradual reform path to reducing the size of government.
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.
In 1936, John Maynard Keynes predicted the 'euthanasia of the rentier' before the end of the 20th century. It did not happen.
The idea of confidence, of the emotions of the population, is an incredibly important one in economics. John Maynard Keynes called it 'animal spirit.' And if people are feeling generally good about the future, they're more likely to spend money, to start new companies; companies are more likely to hire people, make investments.
Spending on oneself does not boost wellbeing. However, spending money on others does -- and it appears to be as important to people's happiness as the total amount of money they make.
Leonard Woolf in a letter to Lytton Strachey said he hated John Maynard Keynes "for his crass stupidity and hideous face".
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.
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.
I mean, the 1930s are the birth moment of modern public sector, government-driven infrastructure spending.
I have always lived my life by making lists: lists of people to call, lists of ideas, lists of companies to set up, lists of people who can make things happen. Each day I work through these lists, and that sequence of calls propels me forward.
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