Quotation of the Day…

by Don Boudreaux on October 20, 2011

in Economics, Myths and Fallacies, State of Macro

… is from page 704 (in the 1981 Liberty Fund reprint) of W.H. Hutt‘s 1966 article, in the New Individualist Review, “Twelve Thoughts on Inflation“:

From the middle thirties—for reasons which cannot be discussed here—Keynesian economists slowly got the upper hand, not only in the counsels of governments but in most of the universities. “Classical economics,” the product of more than a century of disinterested, scientific thinking, was pushed aside as fundamentally wrong. It was replaced by the more plausible doctrines of Keynes’ General Theory—doctrines built on a number of obscurely enunciated propositions which, because obscurity all too easily suggests profundity, greatly impressed the layman—an influence which was magnified through the subsequent elaboration of the propositions by mathematicians.


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