“In reading the economics journals and talking with newly-minted PhDs, it is as if Keynesian economics never existed.”

[David Colander, “Functional Finance, New Classical Economics and Great Great Grandsons” (2002).
2000s

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 "In reading the economics journals and talking with newly-minted PhDs, it is as if Keynesian economics never existed." by David Colander?
David Colander photo
David Colander 4
American economist 1947

Related quotes

Richard Nixon photo

“[Keynesian]I am now a Keynesian in economics.”

Richard Nixon (1913–1994) 37th President of the United States of America

Just after a broadcast interview with four newsmen (6 January 1971), according to Howard K. Smith, one of the interviewers. "Nixon Has Shifted to Ideas of Keyness: ABC Commentator" http://news.google.com/newspapers?id=awpdAAAAIBAJ&pg=916,487551
1970s

“The legacy of Keynesian economics”

Martin Feldstein (1939–2019) American economist

the misdiagnosis of unemployment, the fear of saving, and the unjustified faith in government intervention — affected the fundamental ideas of policy makers for a generation and altered such basic institutions of our economy as the tax laws, the social insurance programs and the financial system. Changing these deeply ingrained aspects of economic life can happen only slowly. But the economics profession has undoubtedly begun to re-examine and re-evaluate the Keynesian notions that have been so dominant for the past 35 years. There is a return to older and more basic economic truths and an attempt to adapt these ideas to the changing conditions of technology and affluence. From this is emerging a new view of unemployment, of saving, and of the role of government.
"The Retreat from Keynesian Economics", The Public Interest (1981).

Alan Blinder photo
Michael J. Sandel photo
James Tobin photo

“Keynesian economics was, in the context of those times, essentially conservative.”

James Tobin (1918–2002) American economist

James Tobin, "A Revolution Remembered", Challenge (1988).
1970s and later
Context: Keynesian economics was, in the context of those times, essentially conservative. The message was that capitalism was not doomed; its major failing, chronic large-scale unemployment, could be remedied fairly easily, by intelligent use of the fiscal and monetary instruments governments already had at their disposal. This message was not welcome news to Marxists committed to the view that the system was no longer structurally capable of prosperity and progress.

“I had no idea in 1933 what economics was, but I did well in the subject from the start, and when I graduated in 1937 with first class honours LSE gave me a scholarship to do a PhD in industrial economics.”

W. Arthur Lewis (1915–1991) Saint Lucain economist

Lewis (1979). " Sir Arthur Lewis - Biographical http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1979/lewis-bio.html," cited in: Toporowski, Jan. "Sir William Arthur Lewis (1915–91)." Fifty Key Thinkers on Development (2006): 144.

Alan Blinder photo
Joan Robinson photo

“The bastard Keynesian doctrine, evolved in the United States, invaded the economic faculties of the world, floating on the wings of the almighty dollar.”

Joan Robinson (1903–1983) English economist

Source: Contributions to Modern Economics (1978), Chapter 23, What Has Become of Employment Policy?, p. 256

Related topics