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Quotation of the Day…
Posted By Don Boudreaux On October 16, 2012 @ 7:57 am In Hubris and humility,Man of System,State of Macro | Comments Disabled
… is from pages 200-201 of the hot-off-the-press collection of previously unpublished (or only obscurely or inaccessibly published) essays by Milton Friedman, The Indispensable Milton Friedman  (Lanny Ebenstein, ed. 2012); specifically, it’s from Friedman’s 1983 Economist essay, “The Keynes Centenary: A Monetarist Reflects”:
Keynes’s flexibility was both a virtue and a vice. It enabled him to adapt his ideas and proposals promptly to changing circumstances. But it also meant that he was something of a fine-tuner, that he tended to neglect the cumulative effect of short-run policies. The truth that in the long run we are all dead needs to be balanced by the equally relevant truth that the long run consists of a succession of short runs.
Keynes’s flexibility and fine-tuning propensities were in accord with his elitist political philosophy, his conception of a society run by an able corps of public-spirited intellectuals entitled to power that they could be counted on to exercise in the interest of the masses.
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 The Indispensable Milton Friedman: http://www.amazon.com/Indispensable-Milton-Friedman-Politics-Economics/dp/1596988088/ref=sr_1_1?s=books&ie=UTF8&qid=1350388581&sr=1-1
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