“Economics has always flourished and acquired energy from controversies generated by practical policy questions of the day. That was true in the times of Smith, and Ricardo, and Keynes, and it is true today. These periods of division and revolution and counterrevolution are generally followed by periods of synthesis and consolidation from which the science emerges stronger. i am optimistic that this will happen again, and that the best of the insights of the new clasicals will be absorbed in a mainstream, in which the essential insights of Keynesian economists also survive.”

— James Tobin

James Tobin, in Conversations with Economists (1983) by Arjo Klamer
1970s and later

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James Tobin 22

American economist 1918–2002

David Eddings (1931–2009) American novelist

“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.

“In contrast to Smith’s incomplete modeling, his follower, David Ricardo, provides a coherent setting— basically, the first macroeconomic model—that can be tested, modified, and applied. Although Ricardo is surely narrower and less imaginative and insightful than Smith, he is also a lot better organized. That is why Ricardo’s analysis of macroeconomics—for example, of the implications of public debt—is more coherent and useful than Smith’s.”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. 10

“The true optimist not only expects the best to happen, but goes to work to make the best happen. The true optimist not only looks upon the bright side, but trains every force that is in him to produce more and more brightness in his life…”

Christian D. Larson (1874–1962) Prolific author of metaphysical and New Thought books

Source: Your Forces and How to Use Them (1912), Chapter 6, p. 97

“Let us now explain the origin of geometry, as existing in the present age of the world. For the demoniacal Aristotle observes, that the same opinions often subsist among men, according to certain orderly revolutions of the world: and that sciences did not receive their first constitution in our times, nor in those periods which are known to us from historical tradition, but have appeared and vanished again in other revolutions of the universe; nor is it possible to say how often this has happened in past ages, and will again take place in the future circulations of time. But, because the origin of arts and sciences is to be considered according to the present revolution of the universe, we must affirm, in conformity with the most general tradition, that geometry was first invented by the Egyptians, deriving its origin from the mensuration of their fields: since this, indeed, was necessary to them, on account of the inundation of the Nile washing away the boundaries of land belonging to each. Nor ought It to seem wonderful, that the invention of this as well as of other sciences, should receive its commencement from convenience and opportunity. Since whatever is carried in the circle of generation proceeds from the imperfect to the perfect.”

Proclus (412–485) Greek philosopher

Chap. IV. On the Origin of Geometry, and its Inventors, pp. 98-99. Footnote (Taylor's): Aristotle was called demoniacal by the Platonic philosophers, in consequence of the encomium bestowed on him by his master, Plato, "That he was the dæmon of nature." Indeed, his great knowledge in things subject to the dominion of nature, well deserved this encomium, and the epithet divine, has been universally ascribed to Plato, from his profound knowledge of the intelligible world.
The Philosophical and Mathematical Commentaries of Proclus on the First Book of Euclid's Elements Vol. 1 (1788)

“Generations do not age. Every youth of any period, any civilization, has the same possibilities as always.”

Cesare Pavese (1908–1950) Italian poet, novelist, literary critic, and translator

This Business of Living (1935-1950)

“Honesty in its widest sense is always admirable. The trite saying that 'honesty is the best policy' has met with the just criticism that honesty is not policy. The seems to be true. The real honest man is honest from conviction of what is right, not from policy.”

Robert E. Lee (1807–1870) Confederate general in the Civil War

"Memoirs of Robert E. Lee" by A. L. Long (1886)
1870s

“Ricardo, writing fifty years later than Smith, showed a greater insight into the working of the economic system; but as for the subtlety (whatever demerit there may be in that!) the Scot does not lose by comparison with the Jew.”

Eric Roll, Baron Roll of Ipsden (1907–2005) British economist

Source: A History of Economic Thought (1939), Chapter IV, The Classical System, p. 176

“Monetarism—both of the older Friedman version stressing adherence to money stock targets and of the newer rational expectations variety—has been badly discredited. The stage has been set for recovery in the popularity of Keynesian diagnoses and remedies. I do not mean to imply, of course, that there is some Keynesian truth, vintage 1936 or 1961, to which economists and policymakers will or should now return, ignoring the lessons of economic events and of developments in economics itself over these last turbulent fifteen years. I do mean that in the new intellectual synthesis which I hope and expect will emerge to replace the divisive controversies and chaotic debates on macroeconomic policies, Keynesian ideas will have a prominent place.”

James Tobin (1918–2002) American economist

James Tobin, "Keynes' Policies in Theory and Practice", Challenge (1983).
1970s and later

“Ricardo's theory is absolutely right—within its narrow confines. His theory correctly says that, accepting their current levels of technology as given, it is better for countries to specialize in things that they are relatively better at. One cannot argue with that. His theory fails when a country wants to acquire more advanced technologies—that is, when it wants to develop its economy. It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries. Ricardo's theory is, thus seen, for those who accept the status quo but not for those who want to change it.”

Ha-Joon Chang book Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

Source: Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008), Ch. 2: 'The double life of Daniel Defoe; How did the rich countries become rich?', The double life of the British economy, p. 47

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James Tobin 22

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