“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

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

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Alan O. Ebenstein 47
American political scientist, educator and author 1959

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“John Maynard Keynes may have had more influence on policy makers, Milton Friedman on citizens, Kenneth Arrow on economic theory, but Samuelson had more influence on the way economics is done today, and the purposes to which it is put, than any other economist of the twentieth century.”

David Warsh (1944) American journalist

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

“I find it amazing now that my first economics class, taught by Alan Sweezy, used John Maynard Keynes’s General Theory of Income and Employment as the textbook. Although this book is one of the most influential works of the twentieth century, it makes a really lousy textbook. Moreover, since I now regard Keynes’s analysis as seriously flawed, it is surprising that I enjoyed the course so much. As a student, I appreciated the simple way that the Keynesian model explained the workings and failings of the overall economy. Especially appealing were the clever policy remedies, such as increased government spending and tax cuts, that Keynes recommended to combat unemployment. Too bad that I discovered later that the model was theoretically and empirically deficient!”

Robert Barro (1944) American classical macroeconomist

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

“When Keynes’s General Theory was published in February 1936, it obliterated all else on the scene in academic economics. Hayek was known to be working on a treatise on capital as Keynes’s work was published (the work that became The Pure Theory of Capital). While there was some anticipation in academia for this forthcoming major work, interest even by economists in Hayek’s work waned.”

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

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

Alan Blinder photo

“For a period of roughly 35 years, Keynesian theory provided a central paradigm for macroeconomists, and considerable progress was made on several empirical fronts. It was widely recognized that some of the ingredients of Keynesian economics (e. g. money illusion and/or nominal wage rigidity) rested on slender to non-existent microtheoretic foundations; and there were always dissenters. But, thought of as a collection of empirical regularities that fit together into a coherent whole, the theory worked tolerably well. In the 1970s, however, the Keynesian paradigm was rejected by a great many academic economists, especially in the United States, in favour of what we now call new classical economics. By about 1980, it was hard to find an American academic macroeconomist under the age of 40 who professed to be a Keynesian. That was an astonishing intellectual turnabout in less than a decade, an intellectual revolution for sure.”

Alan Blinder (1945) economist

"The fall and rise of Keynesian economics", (1988)

Samuel Bowles photo

“Keynes was no revolutionary, but his ideas revolutionized 20th-century economics.”

Samuel Bowles (1939) American economist

Source: Understanding Capitalism: Competition, Command, and Change, 2005, p.82

“Hayek opposed not merely Keynes’s policy recommendations, but his technical method.”

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

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

“I have concentrated thus far on one aspect of achievement: the creation of a theory or theories, which in some form pass into the standard usage of economists. But with Keynes, and with other economists, theories were not the whole story. Keynes was also an applied economist using the existing body of theory in conjunction with the available facts of the world to try to shape certain outcomes, be they the international monetary system in 1931–2 or 1941–6, or the financial policy of the British Government in 1915, 1929–33 or 1940–6. And shape them he did with some success through various forms of private and public persuasion. How he did so and why he did so are also subjects for historians of economics, not to mention biographers, who may in the process of writing a biography have acquired additional perspectives.”

Donald Moggridge (1943) American economic historian

Preface
Maynard Keynes: An Economists' Biography (1992)

“The economic policy issues that we debate today—trade policy, inflation, the proper role of government, the eradication of poverty, and the means of raising the rate of economic growth—have been discussed by economists for more than two centuries. Many of today’s economic policies—both the good ones and the bad—are the result of the ideas of those past economists. And many of today’s debates about economic policy can be understood only by those who have at least some familiarity with the ideas of earlier economists.
The giants of economic science during the past two hundred years have been men concerned with the critical policy issues of their time. They studied the working of the economy in order to advocate better economic policies. But despite their concern with policy, they were not polemicists or politicians but men who sought to persuade their contemporaries in government and in the broader public by analysis and evidence that would meet the standards of professional debate.”

Martin Feldstein (1939–2019) American economist

Martin Feldstein (1989), Foreword to New Ideas from Dead Economists by Todd Buchholz.

Thomas J. Sargent photo

“For policy, the central fact is that Keynesian policy recommendations have no sounder basis, in a scientific sense, than recommendations of non-Keynesian economists or, for that matter, non-economists.”

Thomas J. Sargent (1943) American economist

Robert Lucas, Jr. and Thomas J. Sargent, "After Keynesian macroeconomics", After the Phillips Curve: Persistence of High Inflation and High Unemployment (1978).

“For policy, the central fact is that Keynesian policy recommendations have no sounder basis, in a scientific sense, than recommendations of non-Keynesian economists or, for that matter, non-economists.”

Robert Lucas Jr. (1937) American economist

"After Keynesian macroeconomics" 1978

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