“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.”

"Economic Conditions and U.S. National Security in the 1930s and Today" (2009).

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Martin Feldstein9

American economist 1939–2019

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

“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)

“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)

“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.”

George Stigler (1911–1991) American economist

"The Effect of Government on Economic Efficiency." 1988

“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

“In terms of economic achievements we still need better results - still unemployment and poverty is a main concern for the government of Mongolia, so we have to focus now more on economic development issues.”

Nambaryn Enkhbayar (1958) Mongolian politician, Leader of Mongolian People's Revolutionary Party

Source: "Mongolia, US Sign Developmental Aid Agreement" in Voice of America https://www.voanews.com/a/a-13-2007-10-23-voa2/405655.html (1 November 2009)

“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)

“What I can't understand is, how can anybody figure now that the government can support us, when we support the government.”

Rose Wilder Lane (1886–1968) American journalist

Source: Give Me Liberty (1936), p. 47

“But public works, economic protectionism, cheap money, 'deficit-financed government spending,' and 'the animal spirits of the spendthrift' in the service of boosting 'consumption demand'… Doesn't Keynesianism simply appeal to the worst in human nature?”

Ilana Mercer South African writer

"John Maynard Keynes: Where’s The Genius?! (Part 2) http://www.economicpolicyjournal.com/2013/08/john-maynard-keynes-wheres-genius-part-2.html Economic Policy Journal, August 23, 2013. <br class="br">2010s, 2013

“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.”

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Martin Feldstein9

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