“The proof of the pudding is in the eating. There was a widespread myth of the 1970s, a myth along Tom Kuhn’s (1962) Structure of Scientific Revolutions lines. The Keynesianism, which worked so well in Camelot and brought forth a long epoch of price-level stability with good Q growth and nearly full employment, gave way to a new and quite different macro view after 1966. A new paradigm, monistic monetarism, so the tale narrates, gave a better fit. And therefore King Keynes lost self esteem and public esteem. The King is dead. Long live King Milton!
Contemplate the true facts. Examine 10 prominent best forecasting models 1950 to 1980: Wharton, Townsend–Greenspan, Michigan Model, St. Louis Reserve Bank, Citibank Economic Department under Walter Wriston’s choice of Lief Olson, et cetera. … M did matter as for almost everyone. But never did M alone matter systemically, as post-1950 Friedman monetarism professed.”

— Paul A. Samuelson

New millennium, An Interview with Paul A. Samuelson, 2003

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Paul A. Samuelson 47

American economist 1915–2009

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“Thomas Kuhn (1962) in his book The Structure of Scientific Revolutions divides all scientists into those who create new paradigms of science and those who work within the established paradigms. The same division may be applied to scholars and philosophers, namely into those who create new paradigms and into those who work within the established ones.”

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Source: Ludwig von Bertalanffy (1901-1972) (1989), p. 2, footnote 4.

“The Myth is the Myth of the Blood, which, under the sign of the Swastika, released the World Revolution. It is the Awakening of the Soul of the Race, which, after a period of long slumber, victoriously put an End to Racial Chaos.”

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“For these proofs Heron gave new proofs that avoided extending the lines, in order to meet the objection of anyone who would deny that the space was available for the extension.”

Morris Kline (1908–1992) American mathematician

Source: Mathematical Thought from Ancient to Modern Times (1972), p. 177
Context: Closely related to the problem of the parallel postulate is the problem of whether physical space is infinite. Euclid assumes in Postulate 2 that a straight-line segment can be extended as far as necessary; he uses this fact, but only to find a larger finite length—for example in Book I, Propositions 11, 16, and 20. For these proofs Heron gave new proofs that avoided extending the lines, in order to meet the objection of anyone who would deny that the space was available for the extension.

“A good work of art reveals something that is in reality. A new metaphor, a new myth, a new type of character, all these reveal a feature of reality for which we previously had no name.”

Michael Roberts (writer) (1902–1948) English schoolteacher and man of letters

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“The trend of employment is towards a high level, and a recurrence of chronic mass unemployment is most unlikely. The Keynesian techniques are now well understood, and there is no reason to fear a repetition of the New Deal experience of a government with the will to spend its way out of a recession, but frustrated in doing so by faulty knowledge. The political pressure for full employment is stronger than ever before; the experience of the inter-war years bit so deeply into the political psychology of the nation that full employment, if threatened, would always constitute the dominant issue at any election, and no right-wing party could now survive a year in office if it permitted the figures of unemployment which were previously quite normal.”

Anthony Crosland (1918–1977) British politician

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“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

“The Wheel of Time turns, and Ages come and pass, leaving memories that become legend. Legend fades to myth, and even myth is long forgotten when the Age that gave it birth comes again.”

Robert Jordan (1948–2007) American writer

(15 January 1990)

“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.”

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“Then from far away across the world he smelled good things to eat, so he gave up being king of the wild things.”

Maurice Sendak book Where the Wild Things Are

Source: Where the Wild Things Are

“The proof of the pudding is in the eating.”

Miguel de Cervantes (1547–1616) Spanish novelist, poet, and playwright

Source: Don Quixote de la Mancha (1605–1615), Part I, Book IV, Ch. 10.

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