“While many of the conflicting claims can be reconciled in terms of the short-run and long-run orientation of Keynesians and monetarists, respectively, and in terms of their contrasting philosophical orientations, neither vision takes into account the workings or failings of the market mechanisms within the investment aggregate.Austrian macroeconomics is set apart from both Keynesianism and monetarism by its attention to the differential effects of interest rate changes within the investment sector, or—using the Austrian terminology—within the economy's structure of production.”

—  Roger Garrison

Page 136.
"Is Milton Friedman a Keynesian?" (1992)

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Roger Garrison5
American economist 1944

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“Accounting for the artificial boom and the consequent bust is not part of Keynesian income-expenditure analysis, nor is it an integral part of monetarist analysis. The absence of any significant relationship between boom and bust is an inevitable result of dealing with the investment sector in aggregate terms. The analytical oversight derives from theoretical formulation in Keynesian analysis and from empirical observation in monetarist analysis. But from an Austrian perspective, the differences in method and substance are outweighed by the common implication of Keynesianism and monetarism, namely, that there is no boom-bust cycle of any macroeconomic significance.”

Roger Garrison (1944) American economist

Pages 136–137.
"Is Milton Friedman a Keynesian?" (1992)

“Modern macroeconomics flourished in its pursuit of the secrets of long-run economic growth, but it neglected short-run economic problems. In the long run, prices are flexible, and the growth of the economy is determined by the growth in the ability to supply goods and services. But in the short run prices are not flexible. Growth can be held back because prices are too high and, as a result, demand is too low. Keynes made his name by analyzing short-run problems caused by the stickiness or even rigidity of some important prices. But these Keynesian ideas were abandoned by modern macroeconomics.”

Peter Temin (1937) American economist

Why Keynes is Important Today (2014)

“My recent work on macroeconomics has stressed long-term issues, including the determinants of long-run economic growth. From the standpoint of fighting world poverty, nothing is more important than figuring out which policies differentiate the fast-growing countries from the slow-growing ones.”

Robert Barro (1944) American classical macroeconomist

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

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“I shall argue that Keynesian macroeconomics neither asserts nor requires nominal wage and/or price rigidity. It does assert and require that markets not be instantaneously and continuously cleared by prices.”

James Tobin (1918–2002) American economist

"Price Flexibility and Output Stability: An Old Keynesian View" (1993)

“Central banks have moved to stimulate spending in the face of this attempt to increase savings by lowering interest rates. They lowered them to the zero lower bound without having much effect; the fall in desired savings was too large. We are in a Keynesian liquidity trap. Central banks have tried to stimulate spending by actively increasing the money supply, raising fears of inflation in many circles. But no inflation has resulted as the cash sits idle in corporate coffers. Even at zero interest rates, business firms are reluctant to spend!
What to do? Many pundits say we must simply endure what they call secular stagnation. This is an unhappy prediction. Much better is the Keynesian insight that this is the perfect time for fiscal policy. In the U. S. again, there are immediate needs to repair roads and bridges, rebuild the energy grid, and modernize other means of travel. Keynesian fiscal policy expansion will benefit the economy in both the short and long run.”

Peter Temin (1937) American economist

Why Keynes is Important Today (2014)

Akio Morita photo

“Of course we have to make a profit, but we have to make a profit over the long haul, not just the short term, and that means we must keep investing in research and development - it has run consistently about 6 percent of sales at Sony - and in service.”

Akio Morita (1921–1999) Japanese businessman

Source: Made in Japan (1986), p. 156.

Andy Kessler photo

“You invest in companies with great long-term prospects.”

Andy Kessler (1958) American writer

Part I, Raising Funds, H & Screw Conference, p. 21.
Running Money (2004) First Edition

“In definitional terms, a process is simply a structured, measured set of activities designed to produce a specific output for a particular customer or market. It implies a strong emphasis on how work is done within an organization, in contrast to a product focus’s emphasis on what.”

Thomas H. Davenport (1954) American academic

A process is thus a specific ordering of work activities across time and space, with a beginning and an end, and clearly defined inputs and outputs: a structure for action.
Process Innovation: Reengineering Work through Information Technology, 1993

“But further analysis and experience soon raised doubts about the efficacy of these new tools. Empirical research indicated that the Keynesian multiplier was much smaller than earlier analyses had assumed, reduced by a crowding out of interest-sensitive spending caused by an induced increase in the demand for money and by the effect of the larger national debt on long-term interest rates. The leakage of demand through imports and the effect of the fiscal expansion on the exchange rate further reduced the multiplier.”

Martin Feldstein (1939–2019) American economist

"Rethinking the Role of Fiscal Policy" (2009).

Zhu Rongji photo

“Be realistic and truthful - and tell Hong Kong businessmen honestly that they should go for long-term investments since it is unlikely money can be made in the short haul. AZ Quotes”

Zhu Rongji (1928) former Premier of the People's Republic of China

As quoted in [http://edition.cnn.com/2001/WORLD/asiapcf/east/05/29/hk.gowest.willy/index.html China's hard sell in the mild, mild west in CNN news (29 May, 2001).

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