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Quotation of the Day…

… is from page 276 of John H. Williams’s May 1948 American Economic Review essay “An Appraisal of Keynesian Economics“:

I agree that there is often a real point in the distinction between what Keynes says and what his theory says.  The book [Keynes’s General Theory] contains many obiter dicta which do not fit into the skeleton of his theory, and indeed provide in some cases valid grounds for objections to it.  But it has been my belief that the stagnation thesis constitutes the essential content of the theory, and that as we move away from the circumstances that thesis envisaged, the difficulties for the determinancy [sic] of the theory are increased and its force as a formula for economic policy is decreased.


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