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Quotation of the Day…

Posted By Don Boudreaux On June 5, 2013 @ 7:37 am In Hubris and humility,Man of System,Reality Is Not Optional,State of Macro | Comments Disabled

… is to mark the 130th anniversary of the birth of John Maynard Keynes [1]; specifically, the quotation is from pages 130-131 of my colleague-emeritus Charles Rowley’s essay “John Maynard Keynes and the Attack on Classical Political Economy,” which is chapter 7 in the 1987 collection Deficits [2] (James M. Buchanan [3], Charles K. Rowley, & Robert D. Tollison, eds.); Charles here references Keynes’s 1924 lecture The End of Laissez-Faire (link added):

Perhaps understandably, in the absence of any public choice [4] perception, Keynes made no reference, either then or later, to the special interests that would dictate the pattern of government intervention once the political market was unleashed from its laissez-faire constraints.  But, he had no excuse, whatsoever, other than Harvey Road elitism, for ignoring the warnings of Hume, Smith and Mill concerning the self-seeking corruption endemic in an extended polity.

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URLs in this post:

[1] John Maynard Keynes: http://www.econlib.org/library/Enc/bios/Keynes.html

[2] Deficits: http://www.amazon.com/Deficits-James-M-Buchanan/dp/063114918X/ref=sr_1_1?s=books&ie=UTF8&qid=1323521675&sr=1-1

[3] James M. Buchanan: http://www.econlib.org/library/Enc/bios/Buchanan.html

[4] public choice: http://www.econlib.org/library/Enc/PublicChoice.html

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