Quotation of the Day…

by Don Boudreaux on November 20, 2011

in Scientism, Seen and Unseen, State of Macro

… is from pages 399-400 of Liberty Fund’s 1979 reissue of Benjamin Anderson’s remarkable 1949 book, Economics and the Public Welfare: A Financial and Economic History of the United States, 1914-1946 (original emphasis):

There is no more startling instance of deterioration in a great science than the recent trends, largely influenced by Keynes, to turn away from an analysis that takes account of all the changing factors in economic life, and to concentrate attention almost exclusively upon monetary and budgetarty phenomena, in explaining the business cycle and in formulating public policy with respect to prosperity and employment….

From theoretical concepts of the Keynesian type we receive no help at all.


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