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Quotation of the Day…

… is from page 191 of Thomas Leonard’s 2009 review, in History of Economic Ideas, of Thomas McCraw’s great biography of Schumpeter (Prophet of Innovation):

But Schumpeter thought that Keynes’ stagnationist ideology provided intellectual cover to those far more hostile to capitalism than he, and, moreover, that Keynes’ emphasis on the short run invited trouble from governments naturally inclined to profligacy and incompetence.  It was naïve, Schumpeter believed, to hope that the State would do what its economic experts tell it to do.