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Quotation of the Day…

is from Henry Simons’s brief and scathing review, in July 22, 1936 issue of The Christian Century, of Keynes’s General Theory:

Mr. Keynes submits his treatise as a frontal attack upon traditional economic theory.  Orthodox economists are rather defenselessly exposed to the charge of making bad applications of their relative-price analysis – of applying carelessly an analysis which abstracts from monetary disturbances in the discussion of practical questions for which monetary problems are crucially important….  But the author attacks, not the bad applications of traditional theory, but the theory itself – with results which will impress only the incompetent.