Quotes & Sayings About Keynesianism

Broadly speaking, Keynesianism means that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences. — John Kenneth Galbraith

Welfare's purpose should be to eliminate, as far as possible, the need for its own existence. — Ronald Reagan

For better or worse, US Keynesianism was so far ahead of where it started. I am a cafeteria Keynesian. You know what a cafeteria catholic is? — Paul Samuelson

The general economic growth of the quarter of a century that followed World War II not surprisingly created many illusions. In the West, people thought that they had found in Keynesianism the definitive solution to the problem of crises and unemployment. It was thus thought that the world had entered into an era of perpetual prosperity and definitive mastery of the business cycle. In the socialist world, it was also thought that the model formula for even higher growth had been discovered which enabled Khruschev to announce victoriously that by 1980 the USSR would have overtaken the united States "in every domain." In the third world of Africa and Asia, the national liberation movements which had seized political independence, also had a battery of prescriptions which, in a mix of capitalist and socialist recipes, in doses that varied from case to case, would enable these movements to overcome "underdevelopment" in "interdependence. — Samir Amin

Gore Vidal, the American writer, once described the American economic system as 'free enterprise for the poor and socialism for the rich'. Macroeconomic policy on the global scale is a bit like that. It is Keynesianism for the rich countries and monetarism for the poor. — Ha-Joon Chang

There is one good thing about Marx: he was not a Keynesian — Murray N. Rothbard

The unprecedented success of Keynesianism is due to the fact that it provides an apparent justification for the 'deficit spending' policies of contemporary governments. It is the pseudo-philosophy of those who can think of nothing else than to dissipate the capital accumulated by previous generations. — Ludwig Von Mises

Economics departments are dominated by Marxism, which is taken straight or on the rocks, in the form of Keynesianism. — Ayn Rand

There are few genuine conservatives within the U.S. political system, and it is a sign of the intellectual corruption of the age that the honorable term 'conservatism' can be appropriated to disguise the advocacy of a powerful, lawless, aggressive and violent state, a welfare state for the rich dedicated to a lunatic form of Keynesian economic intervention that enhances state and private power while mortgaging the country's future. — Noam Chomsky

But public works, economic protectionism, cheap money, 'deficit-financed government spending,' and 'the animal spirits of the spendthrift' in the service of boosting 'consumption demand' ... Doesn't Keynesianism simply appeal to the worst in human nature? — Ilana Mercer

The essence of Keynesianism is its complete failure to conceive the role that saving and capital accumulation play in the improvement of economic conditions. — Ludwig Von Mises

The General Theory was not truly revolutionary at all but merely old and oft-refuted mercantilist and inflationist fallacies dressed up in shiny new garb, replete with newly constructed and largely incomprehensible jargon. — Murray N. Rothbard

Reagonomics - a blend of monetarism and fiscal Keynesianism swathed in classical liberal and supply-side rhetoric - is in no way going to solve the problem of inflationary depression or of the business cycle. — Murray Rothbard