“We are entitled to be disappointed, but not to be surprised, by the persistence of governmental intervention in economic life. A school of thought attributes great influence to public opinion in the movements toward or away from laissez-faire. Among the many members of this school one may mention Albert Venn Dicey, John Maynard Keynes, and Milton Friedman.”

"The Effect of Government on Economic Efficiency." 1988

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George Stigler20

American economist 1911–1991

David Warsh (1944) American journalist

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

“In contrast to the natural sciences, where Isaac Newton and Albert Einstein made their major contributions, most economics masterpieces were written when the authors were middle aged. Adam Smith, Karl Marx, John Maynard Keynes, and Milton Friedman come to mind. However, Paul started much earlier, in his 20s; and, even now, his new articles influence the fields of economics and finance.”

Michael Szenberg (1934) American economist

4.Paul Samuelson is Unique.
Ten Ways to Know Paul A. Samuelson (2006)

“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).

“The kind of economic trouble that Asia experienced a decade ago, and that we're all experiencing now, is precisely the sort of thing we thought we had learned to prevent. In the bad old days big, advanced economies with stable governments-like Britain in the 1920s-might have had no answer to prolonged periods of stagnation and deflation; but between John Maynard Keynes and Milton Friedman, we thought we knew enough to keep that from happening again.”

Paul Krugman (1953) American economist

Introduction
The Return of Depression Economics and The Crisis of 2008 (2009)

“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

“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)

“The appeal to the intellectually insecure is also more important than it might seem. Because economics touches so much of life, everyone wants to have an opinion. Yet the kind of economics covered in the textbooks is a technical subject that many people find hard to follow. How reassuring, then, to be told that it is all irrelevant -- that all you really need to know are a few simple ideas! Quite a few supply-siders have created for themselves a wonderful alternative intellectual history in which John Maynard Keynes was a fraud, Paul Samuelson and even Milton Friedman are fools, and the true line of deep economic thought runs from Adam Smith through obscure turn-of-the-century Austrians straight to them.”

Paul Krugman (1953) American economist

"Virus Strikes Again", Originally "Supply-Side Virus Strikes Again: Why there is no cure for this virulent infection" http://web.mit.edu/krugman/www/virus.html, undated draft at web.mit.edu of a "The Dismal Science" column for Slate <br class="br">The Accidental Theorist: And Other Dispatches From The Dismal Science (1998)

“[ Milton Friedman was] the dominant member of the so-called Chicago school of economics [during his tenure at Chicago]… The economics department increasingly reflected his approach and interests. These included deep commitment to the truth, appreciation of markets and free enterprise, frank and blunt discussion, and enormous zeal to convince the heathen. But most important was the commitment to economic analysis as a powerful instrument for interpreting economic and social life.”

Gary S. Becker (1930–2014) American economist

Gary Becker (1991). "Milton Friedman." In: Edward Shils, ed. Remembering the University of Chicago: Teachers, Scientists and Scholars. Chicago: University of Chicago Press, pp. 140-6

“Indeed, Paul’s capacity for irreverence and wit is true to the John Maynard Keynes maxim: "Words ought to be a little wild, for they are the assault of thoughts on the unthinking"”

Michael Szenberg (1934) American economist

6.Paul Samuelson is Piercingly Witty.
Ten Ways to Know Paul A. Samuelson (2006)

“There is now a strong movement in this country to bring the public school system under federal domination. The movement could not have been thought of before the government had the means for carrying out the idea; that is, before income taxation. The question is, have those who plug for nationalization of the schools come to the idea by independent thought, or have they been influenced by the bureaucrats who see in nationalization a wider opportunity for themselves? We must lean to the latter conclusion, because among the leaders of the movement are many bureaucrats. However, if the movement is successful, if the schools are brought under the watching eye of the federal government, it is a certainty that the curriculum will conform to the ideals of Big Government. The child’s mind will never be exposed to the idea that the individual is the one big thing in the world, that he has rights which come from a higher source than the bureaucracy.”

Frank Chodorov (1887–1966) American libertarian thinker

Source: The Income Tax: Root of All Evil (1954), pp. 34-35

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George Stigler20

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