Keith Joseph quote: “Keynes was certainly not a Keynesian.”

“What started Keynes on the road to the Keynesian Revolution was the incomplete British recovery from the depression of 1920 to 1922.”

Robert Skidelsky (1939) Economist and author

John Maynard Keynes: 1883-1946: Economist, Philosopher, Statesman (2003), Ch. 21. Monetary Reform

“Ball, Mankiw, Romer and others style themselves as New Keynesians. Their program is to develop improved microeconomic foundations for imperfectly flexible prices. In the process, they hope to illuminate the paradox that individually rational or near-rational behavior can result in significant collective market failures. These are certainly laudable objectives. In the end, I suspect, the program will not change the essential substance of Keynesian macroeconomics. But it will make Keynes more palatable to theorists.”

James Tobin (1918–2002) American economist

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

“In the years after 1936, whilst Hayek was working on The Pure Theory of Capital, most economists were convinced by Keynes, whose theory had an elegance and simplicity that Hayek’s did not. Keynes’ theory lacked Hayek’s theoretical rigor in that it was not based on equilibrium (on individual rationality), and there were places in the argument where Keynes relied on loose, informal arguments, preferring to put his trust in intuition rather than formal theory. Keynesians did not solve the problems with capital theory that Hayek had identified: they just bypassed or ignored them. According to Hayek’s methodological criteria, Keynes’ theory was decidedly inferior. Against this, Keynes’ theory provided opportunities for mathematical and statistical analysis that Hayek’s did not. Indeed, though Hayek paid some attention to data, he did so only minimally: he certainly made no attempt to test his theory against statistical data. The choice of Keynesian theory was, at least in part, a methodological one.”

Roger Backhouse (economist) (1951) British economist

"Hayek on money and the business cycle", 2006

“That austerity is a counterproductive economic policy in a situation of economic recession can be seen, rightly, as a “Keynesian critique.” Keynes did argue—and persuasively—that to cut public expenditure when an economy has unused productive capacity as well as unemployment owing to a deficiency of effective demand would tend to have the effect of slowing down the economy further and increasing—rather than decreasing—unemployment. Keynes certainly deserves much credit for making that rather basic point clear even to policymakers, irrespective of their politics, and he also provided what I would call a sketch of a theory of explaining how all this can be nicely captured within a general understanding of economic interdependences between different activities… I am certainly supportive of this Keynesian argument, and also of Paul Krugman’s efforts in cogently developing and propagating this important perspective, and in questioning the policy of massive austerity in Europe.
But I would also argue that the unsuitability of the policy of austerity is only partly due to Keynesian reasons. Where we have to go well beyond Keynes is in asking what public expenditure is for—other than for just strengthening effective demand, no matter what its content. As it happens, European resistance to savage cuts in public services and to indiscriminate austerity is not based only, or primarily, on Keynesian reasoning. The resistance is based also on a constructive point about the importance of public services—a perspective that is of great economic as well as political interest in Europe.”

Amartya Sen (1933) Indian economist

Amartya Sen, "What Happened to Europe?", New Republic (August 2, 2012)
2010s

“Unfortunately, several decades of Keynesian instruction on the virtues of budget deficits have left the public and our political leaders confused about the costs of running persistent deficits. […] Keynes has been that influential defunct scribbler for the past generation. But who would ever have thought that the politician hearing Keynes's voice in the air might be Ronald Reagan”

Martin Feldstein (1939–2019) American economist

"Counterrevolution in Progress", Challenge (1988).

“Notwithstanding the predominant role in academic economic theory that Keynes and Keynesian economics achieved during the twentieth century, his basic outlook and policy recommendations were shaped by the particular experiences of the British Empire’s waning years.”

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“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.

“The Keynesian Revolution was, in the form in which it succeeded in the United States, a revolution in method. This was not Keynes’s intent, nor is it the view of all of his most eminent followers. Yet if one does not view the revolution in this way, it is impossible to account for some of its most important features.”

Robert Lucas Jr. (1937) American economist

"After Keynesian macroeconomics" 1978

“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).

“[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

“Keynes was certainly not a Keynesian.”

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