“Following the financial crisis of September 2008 when the American investment bank Lehman Brothers collapsed, threatening to engulf the entire banking system, the British economist John Maynard Keynes returned to center stage. In the popular press and in the writings of many economists, Keynes featured prominently as governments around the world urgently sought ways to avoid economic collapse. (…) After only a brief delay, critics of Keynes’s ideas also began to appear; but the emergence of such critics only served to emphasize the fact of his return, for only a few years earlier Keynes’s name would not even have appeared in public debate about economic policy: his ideas were seen as having so little relevance that it did not even seem necessary to mention his name when discussing the performance of the economy.”

— Roger Backhouse (economist)

Roger E. Backhouse and Bradley W. Bateman, ch.1 "Keynes Returns, but Which Keynes?" Capitalist revolutionary : John Maynard Keynes (2011).

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Following the financial crisis of September 2008 when the American investment bank Lehman Brothers collapsed, threateni…" by Roger Backhouse (economist)?

Roger Backhouse (economist) 4

British economist 1951

Related quotes

“The inspiring theory for Bretton Woods was suggested by a well known economist, beyond any suspect, John M. Keynes. Lord Keynes - as in the meanwhile he has been appointed by the English Crown - appeared worried about possible troubles in the international system of payments, like those occurred after World War One, which contributed to the new conflict. He has published an article on this subject in 1946. Consequently he gave the blessing of his authority to the agreements. Lord Keynes, as chief of the British delegation, was appointed chairman of the Commission II, charged for the institution of an International Bank for Reconstruction and Development - IBRD (World Bank). The Bretton Woods agreements represented a sort of solemn will for Lord Keynes, since he died out two years later the signature”

Nico Perrone (1935) Italian historian and writer

Source: The international economy from a political to an authoritative drive, p. 129

“If you were going to turn to only one economist to understand the problems facing the economy, there is little doubt that the economist would be John Maynard Keynes. Although Keynes died more than a half-century ago, his diagnosis of recessions and depressions remains the foundation of modern macroeconomics. His insights go a long way toward explaining the challenges we now confront.”

N. Gregory Mankiw (1958) American economist

N. Gregory Mankiw, "What Would Keynes Have Done?" in New York Times (November 28, 2008).
2000s -

“John Maynard Keynes may have had more influence on policy makers, Milton Friedman on citizens, Kenneth Arrow on economic theory, but Samuelson had more influence on the way economics is done today, and the purposes to which it is put, than any other economist of the twentieth century.”

David Warsh (1944) American journalist

David Warsh, "The Enormous Black Box" http://www.economicprincipals.com/issues/2009.12.13/841.html (2009)

“One of the most important skills of the economist, therefore, is that of simplification of the model. Two important methods of simplification have been developed by economists. One is the method of partial equilibrium analysis (or microeconomics), generally associated with the name of Alfred Marshall and the other is the method of aggregation (or macro-economics), associated with the name of John Maynard Keynes.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1950s, The Skills of the Economist, 1958, p. 19

“I have concentrated thus far on one aspect of achievement: the creation of a theory or theories, which in some form pass into the standard usage of economists. But with Keynes, and with other economists, theories were not the whole story. Keynes was also an applied economist using the existing body of theory in conjunction with the available facts of the world to try to shape certain outcomes, be they the international monetary system in 1931–2 or 1941–6, or the financial policy of the British Government in 1915, 1929–33 or 1940–6. And shape them he did with some success through various forms of private and public persuasion. How he did so and why he did so are also subjects for historians of economics, not to mention biographers, who may in the process of writing a biography have acquired additional perspectives.”

Donald Moggridge (1943) American economic historian

Preface
Maynard Keynes: An Economists' Biography (1992)

“From Adam Smith through John Maynard Keynes, economics had been mostly talk. At Harvard economics was talk. At MIT, Samuelson made it math.”

William Poundstone (1955) American writer

Part Three, Arbitrage, Paul Samuelson, p. 117
Fortune's Formula (2005)

“In fact, the only person to rival Friedman for policy influence in the twentieth century is John Maynard Keynes, who had a strikingly different view of the role of government. Keynes was influential because he advocated more government intervention into what he perceived as poorly functioning private economies caught up in the Great Depression. In contrast to Keynes, Friedman put the main blame for the Depression on government failures, especially of monetary policy. Hence, the Depression did not make Friedman a fan of big government. He also found in the Federal Reserve’s failure to prevent deflation an argument in favor of monetary rules. As the world evolved— with low inflation becoming the major mission of central banks and free markets and secure property rights becoming the main policies to promote economic growth—Friedman surely won the intellectual battle.”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. 2

“The West never came close to proletarian revolution. The Left likes to believe that it did. They like to argue that 'Franklin Roosevelt saved capitalism from itself'. This is another way of saying that John Maynard Keynes saved capitalism from itself. Both arguments are incorrect. Roosevelt and Keynes met only once. Roosevelt correctly assessed Keynes as a mathematician, not an economist. This was true. Keynes got his degree in mathematics, not economics. Roosevelt was the source of what we call Keynesianism, 1933-36, not Keynes, whose General Theory appeared in 1936. But scholars like to believe that academic arguments shape the world. They don't. They conform what has already begun to take root in the thinking and practices of the general public. When men decided that "thou shalt not steal" means "thou shalt not steal, except by majority vote," the Keynesian worldview was born. This view is dominant today. Marxism is dead. So is " means this: it is immoral to steal, with or without majority vote. This has nothing to do with the mode of production.”

Gary North (economist) (1942) American Christian Reconstructionist and economic historian

"Cultural Marxism Is an Oxymoron" http://www.garynorth.com/public/12623.cfm (1 July 2014), Gary North.

“Keynes is not just for the foxhole, but for the emerging world order.”

Robert Skidelsky (1939) Economist and author

Source: John Maynard Keynes: The Return of the Master (2009), Ch. 8 : Keynes for Today

“Thanks to the work of John Maynard Keynes and of Milton Friedman, we now have a better understanding of how governments can (at least in principle) reduce the severity of major economic downturns. Keynesian economics taught us that government spending can raise GDP and reduce unemployment.”

Martin Feldstein (1939–2019) American economist

"Economic Conditions and U.S. National Security in the 1930s and Today" (2009).

Help us to complete the source, original and additional information

Roger Backhouse (economist) 4

Related quotes

Related topics