Quotation of the Day…

by Don Boudreaux on February 17, 2012

in Country Problems, Myths and Fallacies, State of Macro

… is from page 37 of W.H. Hutt‘s wonderful, if idiosyncratically written, 1979 book The Keynesian Episode: A Reassessment (original emphasis):

There is no doubt at all that Keynes’ contribution has served governments well.  But for the governed the consequences would have been disastrous, had it not been for continued economization as a result of technological progress and the persistent search for and discovery of new riches in the earth and under the sea.  And Keynesian stereotypes remain the great obstacle to more effective coordination everywhere.

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