We are all Keynesians now

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Aftershock: The Next Economy and America's Future by Robert B. Reich

Abraham Maslow, Alan Greenspan, Berlin Wall, business cycle, carbon tax, declining real wages, delayed gratification, Doha Development Round, endowment effect, Ford Model T, full employment, George Akerlof, high-speed rail, Home mortgage interest deduction, Hyman Minsky, illegal immigration, income inequality, invisible hand, job automation, junk bonds, labor-force participation, Long Term Capital Management, loss aversion, low interest rates, Michael Milken, military-industrial complex, mortgage debt, new economy, offshore financial centre, Ralph Nader, Ronald Reagan, school vouchers, sovereign wealth fund, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, too big to fail, We are all Keynesians now, World Values Survey

And it proved that widely shared income gains were not incompatible with economic growth; they were, in fact, essential to it. * In fact, Nixon didn’t actually say this. He said, “I am now a Keynesian in economics.” The famous “We’re all Keynesians now” came from a cover story in the December 31, 1965, edition of Time magazine, which attributed the quote to Milton Friedman. Even this wasn’t precisely accurate. In a commentary appearing in the February 4, 1966, edition of Time, Friedman clarified that he had actually said, “In one sense we are all Keynesians now, in another, nobody any longer is a Keynesian.” 7 How We Got Ourselves into the Same Mess Again As secretary of labor in the 1990s, I traveled a great deal across America.

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By then the middle class—its pockets bulging with pay accumulated during the war that it was not allowed to spend during wartime—had the means to buy, and its pent-up demand for houses, cars, appliances, and almost every bit of baby paraphernalia imaginable created new jobs. And as the economy grew, the debt shrank as a percentage of it. “We’re all Keynesians now,” Richard Nixon purportedly proclaimed in 1971.* By then even a conservative like Nixon had accepted government’s ability to keep people employed, to fill the breach when consumers and businesses did not spend enough. The Great Prosperity also marked the culmination of a reorganization of work that had begun during the Depression.

Samuelson Friedman: The Battle Over the Free Market by Nicholas Wapshott

2021 United States Capitol attack, Alan Greenspan, bank run, basic income, battle of ideas, Bear Stearns, Berlin Wall, Bretton Woods, business cycle, California gold rush, collective bargaining, coronavirus, corporate governance, COVID-19, creative destruction, David Ricardo: comparative advantage, Donald Trump, double helix, en.wikipedia.org, fiat currency, financial engineering, fixed income, floating exchange rates, full employment, God and Mammon, greed is good, Gunnar Myrdal, income inequality, indoor plumbing, invisible hand, John von Neumann, Joseph Schumpeter, Kenneth Arrow, laissez-faire capitalism, light touch regulation, liquidity trap, lockdown, low interest rates, Machinery of Freedom by David Friedman, market bubble, market clearing, mass immigration, military-industrial complex, Money creation, money market fund, Mont Pelerin Society, moral hazard, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, paradox of thrift, Paul Samuelson, Philip Mirowski, Phillips curve, price mechanism, price stability, public intellectual, pushing on a string, quantitative easing, rent control, road to serfdom, Robert Bork, Robert Solow, Ronald Coase, Ronald Reagan, school vouchers, seminal paper, Simon Kuznets, social distancing, Tax Reform Act of 1986, The Chicago School, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, too big to fail, trickle-down economics, universal basic income, upwardly mobile, urban renewal, War on Poverty, We are all Keynesians now, Works Progress Administration, zero-sum game

“I recall well the Harvard graduate student who came to visit me, saying something like, ‘I had to see for myself what that black magician from the Middle West was like.’ ”12 Back in 1966, Time magazine had published a cover story marking the arrival of “neo-Keynesianism,” arguing that “because he was a creature of his times, Keynes was primarily interested in pulling a Depression-ridden world up to some form of prosperity and stability; today’s economists are more concerned about making an already prospering economy grow still further,” before quoting Friedman as saying, “We are all Keynesians now.”13 The suggestion that Friedman, the champion of liberal economics, should concede that Keynesianism had triumphed was news. But, as with so much sensational journalism, it proved a story too good to check. Friedman, who had spoken to a Time reporter for the piece, was incensed at being misreported and wrote to the magazine’s editor: You quote me as saying: “We are all Keynesians now.” The quotation is correct, but taken out of context. As best I can recall it, the context was: “In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian.”

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And with time, increasingly ungrudging respect.” Now, with Friedman gone, Summers was prepared to go further. “If Keynes was the most influential economist of the first half of the 20th century, Friedman was the most influential of the second half,” he wrote. “Republican Richard Nixon once pointed out that ‘We are all Keynesians now.’ Equally, any honest Democrat will admit that we are all Friedmanites now. We are because he won so many of his arguments with the conventional wisdoms of his time.”18 In a piece in the New York Times, Summers wrote that “as an undergraduate in the early 1970s, I was taught that everyone other than Milton Friedman and a few other dissidents knew that fiscal policy was of primary importance for stabilizing economies, that the Phillips Curve could be exploited to increase employment if only society would tolerate some increase in inflation, and that economists would soon be able to take economic fluctuations through finely calibrated policies.”

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Kennedy, 46 Joint Economic Committee of Congress hearing, 152–56 on labor unions, 47, 110, 153 legacy of, 289–94 on legalizing drugs, 50 on liberal bias in the press, 48–49, 52 libertarianism, 48–49, 69, 73, 86, 138, 217–18, 311 on licensing of doctors, 30, 48, 173, 269, 291 macroeconomics, 95–96, 268 on managing the economy, 95 market-based system supported by, 48, 70, 278 on monetary policy, 70, 106–8, 109, 111, 113, 129–31, 289–90 Mont Pèlerin meetings, 35–37, 82, 309 negative income tax plan, 143, 173, 292 Nixon’s 1968 campaign, 141–42, 157 Nobel Prize for economics, 26, 164–71 opposition to military draft, 49–50, 156, 290–91 opposition to wage and price controls, 150–52, 153–55, 157 outsider status, 74, 76, 132, 138, 174, 291 papers archived at Hoover Institution, 284 PhD thesis, 33 Pinochet and, 160–61, 168, 169, 170 popularity in Soviet bloc, 215, 254 praise for Samuelson, 162–63 price system seen as virtuous, 80 on property rights, 80 and protests at Nobel Prize for, 168, 169 quantity theory of money, 45, 95, 98–100, 101–3, 104–5, 107, 126–27 reaction to Samuelson’s 1995 note, 254 Reagan monetary policy and, 201–2 Reagan’s economic policy meeting and, 200–201 reputation in Britain, 229–30 research on role of money, 34–35, 103–5, 107, 262, 280, 320 response to 9/11 terrorist attacks, 255 return to Chicago, 33, 34 rivalry with Samuelson, 10, 27, 34, 71, 83, 132, 295–96 role of individual self-interest in society, 90, 91 Samuelson friendship with, 9–10, 254 in Samuelson’s Economics, 74, 171–73, 315 school voucher proposal, 50, 197 “shock treatment” in Chile recommended, 160–61, 169, 327 similarities to Samuelson, 11 on socialism, 217, 334 Soviet economy and, 218, 334 stagflation and, 119, 170–71, 207, 289, 322 Statistical Research Group at Columbia, 33 on steady money supply growth, 106, 113, 130–31, 140, 157, 203, 266 study at Columbia University, 28 study at Rutgers University, 26–27 supply-side economics and, 204, 207–8 suspicion of big government, 69 on taxation, 32, 79, 85, 155–56, 208, 290 on tax cuts, 44, 155–56, 208, 209, 211, 252 on taxes in wartime, 32 television series, 197 Thatcher’s election and, 239 “There’s no such thing as a free lunch,” 114, 226, 321 and A Tract by Keynes, 94–96 tributes after death, 265–67, 268–69 on unemployment, 110–11, 304–5 at University of Chicago, 27–29, 70, 82, 99, 254 on velocity of money, 61, 93–94, 106, 109 view of Greenspan, 259–60 visit to Adam Smith’s grave, 43 visit to the Soviet Union, 215, 334 on Volcker’s Fed policies, 193–94, 195–96, 200–201, 202–4, 212, 214 Volcker’s skepticism about monetarism, 178–80, 181–85, 189, 235 “We are all Keynesians now,” 75 on the welfare state, 74, 76, 173, 230 at Wisconsin-Madison University, 31 work for New Deal programs, 29–31, 311 writing style of Newsweek columns, 10, 57–60 see also specific titles Friedman, Rose Director Aaron Director and, 11, 27 at Bureau of Home Economics, 309 in Cambridge, 39–40 death, 269 marriage, 27 on Nobel Prize for economics, 161–62, 164, 165, 166 resentment of Samuelson’s “privilege,” 27–28 Samuelson’s notes and, 254, 265–66 urging Friedman to work for Newsweek, 8–9, 11 visit to Adam Smith’s grave, 43 visit to the Soviet Union, 215, 334 Friedman, Sára Ethel (née Landau), 25–26 Galbraith, John Kenneth Affluent Society, The, 5, 302 birth and death, 302 favorable comments on the Soviet Union, 216, 219 Johnson and, 7 Kennedy and, 5–6, 22 Life in Our Times, A, 224–25 Nixon and, 147 opposition to Vietnam War, 7, 312 price controls demanded, 152 television series, 197 Garvy, George, 94, 319 Gary, Indiana, 11–12 GATT (General Agreement on Tariffs and Trade, 291 General Motors, 146, 153 General Theory of Employment, Interest and Money, The (Keynes) on Great Depression, 106, 288 Hansen’s exposition of, 15 Hayek on, 44, 311 increasing aggregate demand, 204, 235 key elements and questions, 18–19, 60–61 macroeconomics, 101, 133, 302 monetary theory in, 101–2, 135 multiplier, 18, 97 propensity to consume, 19, 100, 133 publication, 8, 39, 55, 98, 133 quantity theory of money, 98 in Samuelson’s Economics, 18–19 Gilmour, Ian, 230, 231, 236, 244–45 Gingrich, Newt, 49, 251–53, 312 Giuliani, Rudolph (Rudy), 49, 312 God and Man at Yale (Buckley), 19, 306, 324 gold reserves, 148, 325–26 gold standard, 108, 112, 142, 185–86 Goldwater, Barry, 51–53, 139–41, 166, 200, 293, 312 Graham, Katharine Meyer, 4–5, 225, 302 Graham, Philip Leslie, 3–4, 5, 301–2 Great Depression causes, 34–35, 44, 47, 82, 103–5, 106, 323 deflation, 107 effects of, 14–15, 26, 30–31, 104 Keynesian economics and, 8, 23, 74–75, 98, 104, 106–7 Roosevelt and, 78, 104 Great Moderation, 271, 278, 282 Greenspan, Alan, 200, 255–56, 259–60, 271, 338 Griffiths, Brian, 246, 337 Guion, Connie, 2 Haberler, Gottfried von, 15, 305 Halberstam, David, 3, 301 Hansen, Alvin, 15, 304, 305 Hansen-Samuelson model, 14, 304 Harberger, Arnold C., 160, 168–69, 327 Harcourt, William, 75, 315 Harriman, Averell, 21, 306 Hayek, Friedrich attempt to join Chicago’s economics department, 37–38, 303 Ayn Rand and, 81 democracy and economics, 66 duel with Keynes in 1931, 9, 38, 53, 69 on failure of monetary theories, 213–14 on Friedman and macroeconomics, 95–96 on Friedman’s positive economics essay, 44 on intervention by government, 65–68, 87, 222 on Keynes’s General Theory, 44, 311 on managing the economy, 95 on measuring money in an economy, 213–14 microeconomics, 76 Mont Pèlerin meetings, 35–37, 82, 309 Nobel Prize for economics, 164, 166 popularity in Soviet bloc, 215 post–World War I experience in Austria, 61–62, 91 rejection of macroeconomics, 76, 95–96 Road to Serfdom, The, 35–36, 66–68, 87, 215, 222, 237, 334 in Samuelson’s Economics, 74, 315 on taxes in wartime, 309 on unemployment, 199 warnings about politicians, 116, 141, 199 see also specific titles Hazlitt, Henry Stuart, 5, 7–8, 302 Healey, Denis, 180–81, 190, 227–29, 230–31, 242, 330 Heath, Edward defeat in 1974 election, 231–32, 233, 235–36 economic policies, 232–33, 235 on monetarism, 233, 236, 239–40, 242, 243 Heller, Walter H., 116, 307, 321 Heller, Walter W., 116, 307, 321 Hicks, John, 41, 101, 343 History of Economic Thought, A (Barber), 73 Hobhouse, Leonard Trelawny, 88–89, 318 Hoff, Trygve, 309 Holmes, Oliver Wendell Jr., 85, 317 Horse Feathers (movie), 48, 311 Hotelling, Harold, 28, 307 Howe, Geoffrey, 239, 242, 243–44, 245, 246, 337 Hughes, Emmet John, 4–5, 302 Humphrey, Hubert, 142 Hutchins, Robert, 33, 34, 309 hyperinflation in Austria after World War I, 62, 91, 122, 322 Friedman on, 151, 170–71, 203 Keynes on, 62 Samuelson on, 121, 152 in U.S. from 1960s onward, 91–92, 115, 120–22, 125 Volcker and, 178, 202 in Weimar Germany, 115, 122, 322 see also inflation income-expenditure model, 19, 99, 319 Income from Independent Professional Practice (Friedman and Kuznets), 33, 308 IndyMac, 272 inflation cost-push inflation, 121, 124, 152 demand-pull inflation, 77, 121–22, 124 Federal Reserve mandate, 109, 178 Friedman explanation of, 74, 77–78, 125, 128, 130–31 Friedman on causes of, 61, 93–94, 115, 126–27, 129–30, 136–37 Friedman solution to, 113, 127–28, 131–32, 151, 197 as hidden tax, 77–78 higher interest rates urged to control, 122, 123, 128, 130 Keynesians on causes of, 118, 137 Keynes on, 62, 129 monetarist explanation of, 74 Nixon and, 145–50 raising taxes to control, 123–24 rates in U.S., 1975–1980, 175, 176 “rational expectations,” 96, 115, 180–81 Samuelson on problem of, 74, 118–22, 123, 176 Samuelson on remedies for, 122–25 sharp rise from 1960s onward, 115, 120–21, 125, 183–84, 186, 188, 192 in the U.K., 227 Vietnam War and, 121, 145 see also hyperinflation; stagflation “Inflation is Caused by Governments” (Joseph), 233 interest rates as cause of Depression, 34–35, 44, 103, 104, 257 discount rate, 104, 186–87, 188, 212, 282 federal funds rate, 181, 186–87, 188, 190, 192, 263 higher rates to control inflation, 122, 123, 128, 130 “natural” and “market” rates of interest, 110–11, 114 prime rate, 187, 194–95 rate cuts during financial freeze, 276 rate cuts to prevent recession, 255–56 risks of artificially low rates, 66, 107–9 and value of money, 45 intervention by government COVID-19 pandemic, 287–89 by Federal Reserve during financial freeze, 273–77 by Federal Reserve to keep dollar steady, 175 Friedman on, 47–48, 87, 222–23, 236, 278 Hayek on, 65–68, 87, 222 Keynes on, 62–65, 68–69 Samuelson on, 65, 87, 88–90 invisible hand, 90, 91, 95 Japan, liquidity crisis in 1990s, 280 Jay, Peter, 228–29, 335 Johnson, Harry, 39, 310, 323 Johnson, Lyndon Baines, 5, 7, 51–53, 139, 140, 145, 302 Joseph, Keith about, 335 Centre for Policy Studies (CPS), 233 monetarism, 233–35, 237–38, 239 sound money policy and, 234, 238 Thatcher introduced to monetarism by, 237–38, 239 on unemployment, 234–35 views on the poor, 236, 336 JPMorgan, 273 Kahn, Richard, 39, 41, 310 Kaldor, Nicholas, 39, 306, 310 Kennedy, John Fitzgerald assassination, 5, 6, 302, 325 Camelot, 5, 22, 119, 302 Friedman on, 46 Galbraith and, 5–6, 22 Samuelson and, 6, 21–24, 120, 138 Kennedy, Joseph, 22 Keynesianism critique of The Road to Serfdom, 8, 68–69, 87 Great Depression and, 8, 23, 74–75, 98, 104, 106–7 macroeconomics, 18 multiplier effect, 14, 18–19, 39, 97, 100, 133 rift between Keynesians and conservatives, 38–40 stagflation and, 118–19, 289 Keynes, John Maynard about, generally, 302 aggregate demand, increasing, 23, 204, 235, 263, 339 Bretton Woods agreement, 40, 68, 142–43, 148, 177, 185, 310 Cambridge Circus, 39–41, 93, 290, 310 on capitalism, 65 on changing his mind, 42 duel with Hayek in 1931, 9, 38, 53, 69 on equilibrium in the economy, 63, 97 failure of free market, 64 fiscal policy and, 19, 106–8 Friedman’s article not published by, 28–29 Hayek challenge of, 9, 303 income-expenditure model, 19, 99, 319 on inflation, 62, 129 on intervention by government, 62–65, 68–69 “In the long run we are all dead,” 63, 96, 136, 324 on laissez-faire system, 63–64, 65 macroeconomics, 75–76, 94, 101, 133, 302 on managing the economy, 95 on monetary policy, 135 on moral values in economics, 69 multiplier, 14, 18–19, 39, 97, 100, 133 on quantity theory of money, 63, 94, 96–97, 98, 106 “rational expectations,” 96 tax cuts recommended by, 23, 204 on taxes in wartime, 32, 309 on unemployment, 15, 64, 234–35 on velocity of money, 63, 94, 97, 98 “You cannot push on a string,” 256, 263, 277, 338 see also specific titles Keynes, John Neville, 43 Kipling, Rudyard, 57, 313 Knight, Frank, 14, 28, 34, 82–83, 99, 304 Krugman, Paul, 285, 322 Kuhn, Thomas S., 94, 319 Kuznets, Simon, 29–30, 33, 71, 308 Laffer, Arthur lack of PhD, 206–7, 332 Laffer Curve and taxes, 205, 206, 208, 209, 332 supply-side economics, 205, 206–7, 250, 332 Lawson, Nigel, 245, 247, 337 Lehman Brothers, 275 Leigh-Pemberton, Robin, 246 Leijonhufvud, Alex, 283, 341 Leontief, Wassily, 15, 16, 29, 305 leveraging by banks, 272 Life in Our Times, A (Galbraith), 224–25 Lippmann, Walter, 4, 283, 302 Lucas, Robert Jr., 82, 283, 287, 317 Luce, Henry, 3 Luria, S.

Crisis Economics: A Crash Course in the Future of Finance by Nouriel Roubini, Stephen Mihm

Alan Greenspan, Asian financial crisis, asset-backed security, balance sheet recession, bank run, banking crisis, barriers to entry, Bear Stearns, behavioural economics, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, bond market vigilante , bonus culture, Bretton Woods, BRICs, British Empire, business cycle, call centre, capital controls, Carmen Reinhart, central bank independence, centralized clearinghouse, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, dark matter, David Ricardo: comparative advantage, debt deflation, Eugene Fama: efficient market hypothesis, Fall of the Berlin Wall, fiat currency, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, financial intermediation, full employment, George Akerlof, Glass-Steagall Act, global pandemic, global reserve currency, Gordon Gekko, Greenspan put, Growth in a Time of Debt, housing crisis, Hyman Minsky, information asymmetry, interest rate swap, invisible hand, Joseph Schumpeter, junk bonds, Kenneth Rogoff, laissez-faire capitalism, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, Louis Bachelier, low interest rates, margin call, market bubble, market fundamentalism, Martin Wolf, means of production, Minsky moment, money market fund, moral hazard, mortgage debt, mortgage tax deduction, new economy, Northern Rock, offshore financial centre, oil shock, Paradox of Choice, paradox of thrift, Paul Samuelson, Ponzi scheme, price stability, principal–agent problem, private sector deleveraging, proprietary trading, pushing on a string, quantitative easing, quantitative trading / quantitative finance, race to the bottom, random walk, regulatory arbitrage, reserve currency, risk tolerance, Robert Shiller, Satyajit Das, Savings and loan crisis, savings glut, short selling, South Sea Bubble, sovereign wealth fund, special drawing rights, subprime mortgage crisis, Suez crisis 1956, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, too big to fail, tulip mania, Tyler Cowen, unorthodox policies, value at risk, We are all Keynesians now, Works Progress Administration, yield curve, Yom Kippur War

.”: Karl Marx and Friedrich Engels, The Communist Manifesto (New York: Penguin, 2002), 225-26. 47 John Maynard Keynes: Heilbroner, Worldly Philosophers, 248-87; Roncaglia, Wealth of Ideas, 384-88. 47 no ordinary economist: Heilbroner and Thurow, Economics Explained, 38-39. 47 “I believe myself to be writing . . .”: Keynes quoted in Hyman P. Minsky, John Maynard Keynes (New York: Columbia University Press, 1975), 3. 48 “paradox of thrift”: Keynes, General Theory, 84. 48 “animal spirits”: Ibid., 162. 49 “We Are All Keynesians Now”: “The Economy: We Are All Keynesians Now,” Time, December 31, 1965. 49 Friedman and his coauthor: Milton Friedman and Anna J. Schwartz, A Monetary History of the United States, 1867-1960 (Princeton, N.J.: Princeton University Press, 1963), 299-419. 49 most notably Peter Temin: Peter Temin, Did Monetary Forces Cause the Great Depression?

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The most enthusiastic and optimistic adopters believed they could use Keynes’s ideas to maintain something approximating “full employment.” An intervention that had originally been proposed as an emergency measure to forestall a full-blown depression became instead a means of keeping a nation’s economy on an even keel. In 1965 a Time cover story hailed Keynes as a visionary. The title of the story was a quotation—“We Are All Keynesians Now”—that captured the era’s mood. In a bit of wicked irony, the person who uttered those words was the conservative economist Milton Friedman. Friedman later disavowed his comment, and with good reason: he was the father of the monetarist school of economics, which argues that instability within any given economy can be explained by fluctuations in the money supply.

The Theory That Would Not Die: How Bayes' Rule Cracked the Enigma Code, Hunted Down Russian Submarines, and Emerged Triumphant From Two Centuries of Controversy by Sharon Bertsch McGrayne

Abraham Wald, Alan Greenspan, Bayesian statistics, bioinformatics, Bletchley Park, British Empire, classic study, Claude Shannon: information theory, Daniel Kahneman / Amos Tversky, data science, double helix, Dr. Strangelove, driverless car, Edmond Halley, Fellow of the Royal Society, full text search, government statistician, Henri Poincaré, Higgs boson, industrial research laboratory, Isaac Newton, Johannes Kepler, John Markoff, John Nash: game theory, John von Neumann, linear programming, longitudinal study, machine readable, machine translation, meta-analysis, Nate Silver, p-value, Pierre-Simon Laplace, placebo effect, prediction markets, RAND corporation, recommendation engine, Renaissance Technologies, Richard Feynman, Richard Feynman: Challenger O-ring, Robert Mercer, Ronald Reagan, seminal paper, speech recognition, statistical model, stochastic process, Suez canal 1869, Teledyne, the long tail, Thomas Bayes, Thomas Kuhn: the structure of scientific revolutions, traveling salesman, Turing machine, Turing test, uranium enrichment, We are all Keynesians now, Yom Kippur War

Unwin invented a personal “faith-belief factor” of 28% to boost the 67% “Bayesian probability” that God exists to 95%, and his book hit the bestseller list. A fashionable expression, “We’re all Bayesians now,” plays on comments made years ago by Milton Friedman and President Richard Nixon that “We’re all Keynesians now.” And the CIA agent in a Robert Ludlum thriller tells the hero, “Lucky? Obviously you haven’t heard anything I’ve said. It was a matter of applying Bayes’ Theorem to estimate the conditional probabilities. Giving due weight to the prior probabilities and . . .”1 It must be conceded that not everyone shares this enthusiasm.

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The phrase “We’re all Bayesians now” is sometimes attributed to John Maynard Keynes, but it may have first appeared in 1976 in John C. Henretta and Richard T. Campbell’s article, Status Attainment and Status Maintenance: A Study of Stratification in Old Age in American Sociological Review (41) 981–92. To complicate matters, Campbell was paraphrasing an earlier popular expression, “We’re all Keynesians now,” which has been attributed to Milton Friedman in 1966 and which was “popularized” by President Richard Nixon in 1971. I am indebted to Stephen Senn, Michael Campbell, and Wikipedia for helping sort out the origins of the “Keynesians” quotation. 2. Dawid in Swinburne (2002) 84 3.

End the Fed by Ron Paul

affirmative action, Alan Greenspan, Bear Stearns, Bernie Madoff, Bernie Sanders, Bretton Woods, business cycle, crony capitalism, currency manipulation / currency intervention, fiat currency, Fractional reserve banking, guns versus butter model, hiring and firing, housing crisis, illegal immigration, invisible hand, Khyber Pass, Long Term Capital Management, low interest rates, market bubble, means of production, military-industrial complex, Money creation, moral hazard, Ponzi scheme, price mechanism, reserve currency, road to serfdom, Robert Gordon, Ronald Reagan, Savings and loan crisis, too big to fail, tulip mania, We are all Keynesians now, Y2K

Silver dollars at the time were still being used in casino slot machines. Wouldn’t that be fascinating, to watch and listen to real silver dollars being used? Credit cards, dollar bills, and tokens—how boring! And I don’t even gamble. The monetary event that prompted me to enter politics occurred on August 15, 1971. That Sunday evening, Richard “We are all Keynesians now” Nixon announced the U.S. government would default on its pledge to deliver gold to any foreign government holding U.S. dollars at the rate of one ounce of gold for each $35. In addition, wage and price controls were put in place, along with a 10 percent import tariff. Instead of the markets collapsing, as I thought they should, the move was immediately praised by the Chamber of Commerce, and the stock market soared.

The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era by Gary Gerstle

2021 United States Capitol attack, A Declaration of the Independence of Cyberspace, affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, Airbnb, Alan Greenspan, Alvin Toffler, anti-communist, AOL-Time Warner, Bear Stearns, behavioural economics, Bernie Sanders, Big Tech, Black Lives Matter, blue-collar work, borderless world, Boris Johnson, Brexit referendum, British Empire, Broken windows theory, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, collective bargaining, Cornelius Vanderbilt, coronavirus, COVID-19, creative destruction, crony capitalism, cuban missile crisis, David Brooks, David Graeber, death from overwork, defund the police, deindustrialization, democratizing finance, Deng Xiaoping, desegregation, Dissolution of the Soviet Union, Donald Trump, Electric Kool-Aid Acid Test, European colonialism, Ferguson, Missouri, financial deregulation, financial engineering, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, future of work, Future Shock, George Floyd, George Gilder, gig economy, Glass-Steagall Act, global supply chain, green new deal, Greenspan put, guns versus butter model, Haight Ashbury, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Ida Tarbell, immigration reform, informal economy, invention of the printing press, invisible hand, It's morning again in America, Jeff Bezos, John Perry Barlow, Kevin Kelly, Kitchen Debate, low interest rates, Lyft, manufacturing employment, market fundamentalism, Martin Wolf, mass incarceration, Menlo Park, microaggression, Mikhail Gorbachev, military-industrial complex, millennium bug, Modern Monetary Theory, money market fund, Mont Pelerin Society, mortgage debt, mutually assured destruction, Naomi Klein, neoliberal agenda, new economy, New Journalism, Northern Rock, obamacare, Occupy movement, oil shock, open borders, Peter Thiel, Philip Mirowski, Powell Memorandum, precariat, price stability, public intellectual, Ralph Nader, Robert Bork, Ronald Reagan, scientific management, Seymour Hersh, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, social distancing, Steve Bannon, Steve Jobs, Stewart Brand, Strategic Defense Initiative, super pumped, technoutopianism, Telecommunications Act of 1996, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, Uber and Lyft, uber lyft, union organizing, urban decay, urban renewal, War on Poverty, Washington Consensus, We are all Keynesians now, We are the 99%, white flight, Whole Earth Catalog, WikiLeaks, women in the workforce, Works Progress Administration, Y2K, Yom Kippur War

Early in Eisenhower’s presidency, Hazlitt sounded an alarm, calling Ike’s policies a “semi–New Deal.”67 Soon after, he declared, with deepening dismay, “that the President had accepted the heart of the Keynesian and New Deal philosophies.”68 After a dissection of Eisenhower’s fiscal and monetary policies that revealed how much the president was following Keynesian prescriptions, Hazlitt lamented, “We are all Keynesians now.”69 Milton Friedman, who, in the 1960s and 1970s would lead the ideological assault on the New Deal order, is thought to have been the originator of this lament in a December 1965 column for Time, then Newsweek’s arch-rival in the newsmagazine business. But Hazlitt beat Friedman to it by a decade, and he made his point about the dominance of Keynesian thinking not in reference to the Democratic politics of the 1960s (as Friedman did) but in reference to the Republican politics of the 1950s.70 As Hazlitt’s commentary about the hegemonic character of Keynesian economics reveals, even in the 1950s under a Republican president, critics of the New Deal order had precious little political space in which to operate.

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Buckley Jr. and The Rise of American Conservatism (New York: Bloomsbury Press, 2011). 66.On Reagan, see Chapters 3 and 4 of this book. 67.Henry Hazlitt, “Ike’s Semi New Deal,” Newsweek, February 15, 1954, in Henry Hazlitt, Business Tides: The Newsweek Era of Henry Hazlitt, (Auburn, AL: Ludwig von Mises Institute, 2011), 343–344. 68.Henry Hazlitt, “Still More Inflation?,” Newsweek, March 8, 1954, in Hazlitt, Business Tides, 346. 69.Henry Hazlitt, “The Policy Is Inflation,” Newsweek, July 5, 1954, in Hazlitt, Business Tides, 352–353. 70.On Milton Friedman’s use of the term, see his “The Economy: We Are All Keynesians Now,” Time, December 31, 1965, http://content.time.com/time/subscriber/article/0,33009,842353,00.html, accessed July 10, 2019. Nixon would himself run with this phrase in 1968 and beyond. See Daniel Stedman Jones, Masters of the Universe: Hayek, Friedman, and the Birth of a Neoliberal Politics (Princeton, NJ: Princeton University Press, 2014), 221.

The People's Republic of Walmart: How the World's Biggest Corporations Are Laying the Foundation for Socialism by Leigh Phillips, Michal Rozworski

Alan Greenspan, Anthropocene, Berlin Wall, Bernie Sanders, biodiversity loss, call centre, capitalist realism, carbon footprint, carbon tax, central bank independence, Colonization of Mars, combinatorial explosion, company town, complexity theory, computer age, corporate raider, crewed spaceflight, data science, decarbonisation, digital rights, discovery of penicillin, Elon Musk, financial engineering, fulfillment center, G4S, Garrett Hardin, Georg Cantor, germ theory of disease, Gordon Gekko, Great Leap Forward, greed is good, hiring and firing, independent contractor, index fund, Intergovernmental Panel on Climate Change (IPCC), Internet of things, inventory management, invisible hand, Jeff Bezos, Jeremy Corbyn, Joseph Schumpeter, Kanban, Kiva Systems, linear programming, liquidity trap, mass immigration, Mont Pelerin Society, Neal Stephenson, new economy, Norbert Wiener, oil shock, passive investing, Paul Samuelson, post scarcity, profit maximization, profit motive, purchasing power parity, recommendation engine, Ronald Coase, Ronald Reagan, sharing economy, Silicon Valley, Skype, sovereign wealth fund, strikebreaker, supply-chain management, surveillance capitalism, technoutopianism, TED Talk, The Nature of the Firm, The Wealth of Nations by Adam Smith, theory of mind, Tragedy of the Commons, transaction costs, Turing machine, union organizing, warehouse automation, warehouse robotics, We are all Keynesians now

The argument against planning clearly hinges on Hayek’s ideological commitments Oddly enough, despite challenging the market socialists head on, Hayek’s ideas were initially ignored, perhaps because they were critical not only of left-wing, but also mainstream economic opinion. At a time when even Richard Nixon was pronouncing that “we are all Keynesians now,” how could their maximalist rhetoric be anything but out of step? The debate on the calculation problem continued to unfold in the pages of obscure economic journals. The world, however, had moved on. But shortly after Nixon’s startling declaration of allegiance, the existing economic orthodoxies on both sides of the Berlin Wall were violently thrown into question.

End This Depression Now! by Paul Krugman

airline deregulation, Alan Greenspan, Asian financial crisis, asset-backed security, bank run, banking crisis, bond market vigilante , Bretton Woods, business cycle, capital asset pricing model, Carmen Reinhart, centre right, correlation does not imply causation, credit crunch, Credit Default Swap, currency manipulation / currency intervention, debt deflation, Eugene Fama: efficient market hypothesis, financial deregulation, financial innovation, Financial Instability Hypothesis, full employment, German hyperinflation, Glass-Steagall Act, Gordon Gekko, high-speed rail, Hyman Minsky, income inequality, inflation targeting, invisible hand, it is difficult to get a man to understand something, when his salary depends on his not understanding it, It's morning again in America, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Joseph Schumpeter, junk bonds, Kenneth Rogoff, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, Long Term Capital Management, low interest rates, low skilled workers, Mark Zuckerberg, Minsky moment, Money creation, money market fund, moral hazard, mortgage debt, negative equity, paradox of thrift, Paul Samuelson, price stability, quantitative easing, rent-seeking, Robert Gordon, Ronald Reagan, Savings and loan crisis, Upton Sinclair, We are all Keynesians now, We are the 99%, working poor, Works Progress Administration

The same can be said of some leading macroeconomists, who similarly spent decades pushing a view of how the economy works that has been utterly refuted by recent events, and have similarly been unwilling to admit their misjudgment. But that’s not all: in defending their mistakes, they have also played a significant role in undermining an effective response to the depression we’re in. Whispers and Giggles In 1965 Time magazine quoted none other than Milton Friedman as declaring that “we are all Keynesians now.” Friedman tried to walk the quotation back a bit, but it was true: although Friedman was the champion of a doctrine known as monetarism that was sold as an alternative to Keynes, it wasn’t really all that different in its conceptual foundations. Indeed, when Friedman published a paper in 1970 titled “A Theoretical Framework for Monetary Analysis,” many economists were shocked by just how similar it looked to textbook Keynesian theory.

The Age of Illusions: How America Squandered Its Cold War Victory by Andrew J. Bacevich

affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, anti-communist, Bear Stearns, Berlin Wall, Bernie Sanders, clean water, Columbian Exchange, Credit Default Swap, cuban missile crisis, David Brooks, deindustrialization, Donald Trump, Fall of the Berlin Wall, Francis Fukuyama: the end of history, friendly fire, gig economy, Glass-Steagall Act, global village, Gordon Gekko, greed is good, Greenspan put, illegal immigration, income inequality, Jeff Bezos, Kickstarter, Marshall McLuhan, mass incarceration, Mikhail Gorbachev, military-industrial complex, Monroe Doctrine, Norman Mailer, obamacare, Occupy movement, opioid epidemic / opioid crisis, planetary scale, plutocrats, Potemkin village, price stability, Project for a New American Century, Ronald Reagan, Ronald Reagan: Tear down this wall, Saturday Night Live, school choice, Seymour Hersh, Silicon Valley, Steve Bannon, Thomas L Friedman, too big to fail, traumatic brain injury, trickle-down economics, We are all Keynesians now, WikiLeaks

Among his administration’s major initiatives were: ending military conscription in favor of a so-called all-volunteer force; creating the Environmental Protection Agency and the Occupational Safety and Health Administration; signing into law the Clean Air and Endangered Species Acts; launching the “war on cancer”; embracing “affirmative action” to promote equal employment opportunity; imposing wage and price controls in an effort to curb inflation; abandoning the gold standard; expanding social security; and increasing federal expenditures on Medicare, Medicaid, and food stamps.8 Although Nixon may have been a Republican, he routinely defied conservative orthodoxy, going so far at one point as to assert that “we are all Keynesians now.”9 Not every program Nixon initiated achieved its intended (or at least advertised) purpose. Yet as had been the case with FDR, Nixonian reformism precluded more radical alternatives and thereby served essentially conservative ends. By August 1974, when he left office in disgrace, he had succeeded in deflecting the most prominent threats to the postwar bargain.

Financial Market Meltdown: Everything You Need to Know to Understand and Survive the Global Credit Crisis by Kevin Mellyn

Alan Greenspan, asset-backed security, bank run, banking crisis, Bernie Madoff, bond market vigilante , bonus culture, Bretton Woods, business cycle, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, cuban missile crisis, deal flow, disintermediation, diversification, fiat currency, financial deregulation, financial engineering, financial innovation, financial intermediation, fixed income, foreign exchange controls, Francis Fukuyama: the end of history, George Santayana, global reserve currency, Greenspan put, Home mortgage interest deduction, inverted yield curve, Isaac Newton, joint-stock company, junk bonds, Kickstarter, liquidity trap, London Interbank Offered Rate, long peace, low interest rates, margin call, market clearing, mass immigration, Money creation, money market fund, moral hazard, mortgage tax deduction, Nixon triggered the end of the Bretton Woods system, Northern Rock, offshore financial centre, paradox of thrift, pattern recognition, pension reform, pets.com, Phillips curve, plutocrats, Ponzi scheme, profit maximization, proprietary trading, pushing on a string, reserve currency, risk tolerance, risk-adjusted returns, road to serfdom, Ronald Reagan, shareholder value, Silicon Valley, South Sea Bubble, statistical model, Suez canal 1869, systems thinking, tail risk, The Great Moderation, the long tail, the new new thing, the payments system, too big to fail, value at risk, very high income, War on Poverty, We are all Keynesians now, Y2K, yield curve

Richard Nixon won power in 1968 and maintained high levels The Natural History of Financial Folly of spending on domestic programs and the Vietnam War. U.K. conservatives like Ted Heath were as addicted to spending as Labour Party governments. In 1971, Richard Nixon famously declared: ‘‘We are all Keynesians now.’’ THE LAST NAIL IN GOLD’S COFFIN It was Nixon who dispensed with the last constraints of the old financial order. In 1971, the level and trend of inflation (which is to say, erosion of the real value of the dollar) had reached the point where the United States was experiencing a classic gold drain.

The Making of Global Capitalism by Leo Panitch, Sam Gindin

accounting loophole / creative accounting, active measures, airline deregulation, Alan Greenspan, anti-communist, Asian financial crisis, asset-backed security, bank run, banking crisis, barriers to entry, Basel III, Bear Stearns, Big bang: deregulation of the City of London, bilateral investment treaty, book value, Branko Milanovic, Bretton Woods, BRICs, British Empire, business cycle, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, Carmen Reinhart, central bank independence, classic study, collective bargaining, continuous integration, corporate governance, creative destruction, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency peg, dark matter, democratizing finance, Deng Xiaoping, disintermediation, ending welfare as we know it, eurozone crisis, facts on the ground, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, floating exchange rates, foreign exchange controls, full employment, Gini coefficient, Glass-Steagall Act, global value chain, guest worker program, Hyman Minsky, imperial preference, income inequality, inflation targeting, interchangeable parts, interest rate swap, Kenneth Rogoff, Kickstarter, land reform, late capitalism, liberal capitalism, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, low interest rates, manufacturing employment, market bubble, market fundamentalism, Martin Wolf, means of production, military-industrial complex, money market fund, money: store of value / unit of account / medium of exchange, Monroe Doctrine, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, new economy, Nixon triggered the end of the Bretton Woods system, non-tariff barriers, Northern Rock, oil shock, precariat, price stability, proprietary trading, quantitative easing, Ralph Nader, RAND corporation, regulatory arbitrage, reserve currency, risk tolerance, Ronald Reagan, Savings and loan crisis, scientific management, seigniorage, shareholder value, short selling, Silicon Valley, sovereign wealth fund, special drawing rights, special economic zone, stock buybacks, structural adjustment programs, subprime mortgage crisis, Tax Reform Act of 1986, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transcontinental railway, trickle-down economics, union organizing, vertical integration, very high income, Washington Consensus, We are all Keynesians now, Works Progress Administration, zero-coupon bond, zero-sum game

The Bretton Woods fixed exchange rate system finally had to be abandoned because it became more and more of a drag on the American state’s capacity to navigate between its domestic and imperial responsibilities. 6 Structural Power Through Crisis There was no little irony in Richard Nixon’s intoning, in 1971, of the phrase Milton Friedman had coined in 1965—“We are all Keynesians now”—just as the crisis of Keynesianism was becoming most visible.1 By the early 1970s the contradictions that the successes of the 1960s had produced came to a head. In the midst of a crisis of corporate profitability and financial instability, the simultaneous rise of both inflation and unemployment (“stagflation”) confounded any consistent application of fiscal and monetary policy not only in the US, but in all the advanced capitalist states.

…

Cooper and Jane Sneddon Little, “US Monetary Policy in an Integrating World: 1960 to 2000,” New England Economic Review 3 (2001), p. 86. 59 Quoted in Hawley, Dollars and Borders, p. 97. 60 See Aaron Major, “The Fall and Rise of Financial Capital,” Review of International Political Economy 15: 5 (December 2008). 61 Hawley, Dollars and Borders, pp. 112, 119–20. 62 Joanne Gowa, Closing the Gold Window: Domestic Politics and the End of Bretton Woods, Ithaca: Cornell University Press, 1983, p. 99. 63 These are the words of a Federal Reserve official interviewed in Gowa, Closing the Gold Window, p. 145. 64 Ibid., pp. 63, 129. See also Volcker and Gyohten, Changing Fortunes, pp. 61–8. 6. Structural Power through Crisis 1 Friedman actually said, “In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian.” In a letter correcting the misquote, Friedman added that “the second part is at least as important as the first.” Time, February 4, 1966. 2 See especially James O’Connor, The Fiscal Crisis of the State, New York: St. Martin’s Press, 1973. 3 Robert Skidelsky, “Keynes,” in D.

A Brief History of Neoliberalism by David Harvey

"World Economic Forum" Davos, affirmative action, air traffic controllers' union, Asian financial crisis, Berlin Wall, Bretton Woods, business climate, business cycle, California energy crisis, capital controls, centre right, collective bargaining, creative destruction, crony capitalism, debt deflation, declining real wages, deglobalization, deindustrialization, Deng Xiaoping, Fall of the Berlin Wall, financial deregulation, financial intermediation, financial repression, full employment, gentrification, George Gilder, Gini coefficient, global reserve currency, Great Leap Forward, illegal immigration, income inequality, informal economy, labour market flexibility, land tenure, late capitalism, Long Term Capital Management, low interest rates, low-wage service sector, manufacturing employment, market fundamentalism, mass immigration, means of production, megaproject, Mexican peso crisis / tequila crisis, military-industrial complex, Mont Pelerin Society, mortgage tax deduction, neoliberal agenda, new economy, Pearl River Delta, phenotype, Ponzi scheme, price mechanism, race to the bottom, rent-seeking, reserve currency, Ronald Reagan, Savings and loan crisis, Silicon Valley, special economic zone, structural adjustment programs, Suez crisis 1956, the built environment, The Chicago School, Tragedy of the Commons, transaction costs, union organizing, urban renewal, urban sprawl, Washington Consensus, We are all Keynesians now, Winter of Discontent

The left assembled considerable popular power behind such programmes, coming close to power in Italy and actually acquiring state power in Portugal, France, Spain, and Britain, while retaining power in Scandinavia. Even in the United States, a Congress controlled by the Democratic Party legislated a huge wave of regulatory reform in the early 1970s (signed into law by Richard Nixon, a Republican president, who in the process even went so far as to remark that ‘we are all Keynesians now’), governing everything from environmental protection to occupational safety and health, civil rights, and consumer protection.12 But the left failed to go much beyond traditional social democratic and corporatist solutions and these had by the mid-1970s proven inconsistent with the requirements of capital accumulation.

How Did We Get Into This Mess?: Politics, Equality, Nature by George Monbiot

Affordable Care Act / Obamacare, Alfred Russel Wallace, Anthropocene, bank run, bilateral investment treaty, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, Corn Laws, creative destruction, credit crunch, David Attenborough, dematerialisation, demographic transition, drone strike, en.wikipedia.org, first-past-the-post, full employment, Gini coefficient, hedonic treadmill, income inequality, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, invisible hand, land bank, land reform, land value tax, Leo Hollis, market fundamentalism, meta-analysis, Mont Pelerin Society, moral panic, Naomi Klein, Northern Rock, obamacare, oil shale / tar sands, old-boy network, peak oil, place-making, planned obsolescence, plutocrats, profit motive, rent-seeking, rewilding, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, urban sprawl, We are all Keynesians now, wealth creators, World Values Survey

Given that the crises I have listed are predictable effects of the dismantling of public services and the deregulation of business and financial markets, given that it damages the interests of nearly everyone, how has neoliberalism come to dominate public life? Richard Nixon was once forced to concede that ‘we are all Keynesians now’: even the Republicans supported the interventionist doctrines of John Maynard Keynes. But we are all neoliberals now. Mrs Thatcher kept telling us that ‘there is no alternative’, and by implementing her programmes, Clinton, Blair, Brown and the other leaders of what were once progressive parties appear to prove her right.

The Socialist Manifesto: The Case for Radical Politics in an Era of Extreme Inequality by Bhaskar Sunkara

Affordable Care Act / Obamacare, agricultural Revolution, Bernie Sanders, British Empire, business climate, business cycle, capital controls, centre right, Charles Lindbergh, collective bargaining, Deng Xiaoping, deskilling, Donald Trump, equal pay for equal work, fake news, false flag, feminist movement, Ferguson, Missouri, Francis Fukuyama: the end of history, full employment, gig economy, Great Leap Forward, Gunnar Myrdal, happiness index / gross national happiness, high-speed rail, Honoré de Balzac, income inequality, inventory management, Jeremy Corbyn, labor-force participation, land reform, land value tax, Mark Zuckerberg, means of production, Meghnad Desai, Mikhail Gorbachev, Neil Kinnock, new economy, Occupy movement, postindustrial economy, precariat, race to the bottom, Ralph Waldo Emerson, self-driving car, Silicon Valley, SimCity, single-payer health, Steve Bannon, telemarketer, The Wealth of Nations by Adam Smith, too big to fail, union organizing, Upton Sinclair, urban renewal, We are all Keynesians now, We are the 99%

Commentators including Paul Krugman and Joseph Stiglitz demanded a historic federal stimulus to revive the economy, and people across the political spectrum welcomed the return of Keynesian economics to the national stage. Time featured a picture of the new president dressed like FDR on its cover and updated its 1965 article “We Are All Keynesians Now” with a celebration of “The Comeback Keynes.” Even the far left Socialist Worker took a moment to appreciate the novelty: business elites, the Democratic Party, and a popular groundswell had come together to support Obama’s proposed stimulus package, signaling “a final end to the conservative dominance that goes back more than a generation.”

Losing Control: The Emerging Threats to Western Prosperity by Stephen D. King

"World Economic Forum" Davos, Admiral Zheng, Alan Greenspan, asset-backed security, barriers to entry, Berlin Wall, Bernie Madoff, Bretton Woods, BRICs, British Empire, business cycle, capital controls, Celtic Tiger, central bank independence, collateralized debt obligation, corporate governance, credit crunch, crony capitalism, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, demographic dividend, demographic transition, Deng Xiaoping, Diane Coyle, Fall of the Berlin Wall, financial deregulation, financial innovation, fixed income, foreign exchange controls, Francis Fukuyama: the end of history, full employment, G4S, George Akerlof, German hyperinflation, Gini coefficient, Great Leap Forward, guns versus butter model, hiring and firing, income inequality, income per capita, inflation targeting, invisible hand, Isaac Newton, junk bonds, knowledge economy, labour market flexibility, labour mobility, liberal capitalism, low interest rates, low skilled workers, market clearing, Martin Wolf, mass immigration, Meghnad Desai, Mexican peso crisis / tequila crisis, Naomi Klein, new economy, old age dependency ratio, Paul Samuelson, Ponzi scheme, price mechanism, price stability, purchasing power parity, rent-seeking, reserve currency, rising living standards, Ronald Reagan, Savings and loan crisis, savings glut, Silicon Valley, Simon Kuznets, sovereign wealth fund, spice trade, statistical model, technology bubble, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Market for Lemons, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, transaction costs, Washington Consensus, We are all Keynesians now, women in the workforce, working-age population, Y2K, Yom Kippur War

While the desire to control inflation is now a central tenet of monetary policy, the shift during the 1970s towards a focus on inflation rather than unemployment as the main macroeconomic policy objective represented a remarkable change of view compared with the 1960s, when most policymakers believed in the pursuit of full employment and didn’t worry too much about inflation. The best economic ideas tend, eventually, to go out of fashion, upstaged by unexpected or irregular economic developments. The shift in stance is summed up nicely in two well-known quotes. The first, ‘we are all Keynesians now’, is commonly attributed to US President Richard Nixon in 1971, although the original source was a tongue-in-cheek Milton Friedman in a 1965 edition of Time magazine, lamenting the dominance at the time of the intellectual ideas stemming from John Maynard Keynes’s General Theory of Employment, Interest and Money.2 The conventional wisdom held that Keynesian demand-management policies – changes in tax and public-spending levels to foster a desired level of economic activity – would bring about full employment.

Inventing the Future: Postcapitalism and a World Without Work by Nick Srnicek, Alex Williams

3D printing, additive manufacturing, air freight, algorithmic trading, anti-work, antiwork, back-to-the-land, banking crisis, basic income, battle of ideas, blockchain, Boris Johnson, Bretton Woods, business cycle, call centre, capital controls, capitalist realism, carbon footprint, carbon tax, Cass Sunstein, centre right, collective bargaining, crowdsourcing, cryptocurrency, David Graeber, decarbonisation, deep learning, deindustrialization, deskilling, Doha Development Round, Elon Musk, Erik Brynjolfsson, Evgeny Morozov, Ferguson, Missouri, financial independence, food miles, Francis Fukuyama: the end of history, full employment, future of work, gender pay gap, general purpose technology, housing crisis, housing justice, income inequality, industrial robot, informal economy, intermodal, Internet Archive, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, Kiva Systems, late capitalism, liberation theology, Live Aid, low skilled workers, manufacturing employment, market design, Martin Wolf, mass immigration, mass incarceration, means of production, megaproject, minimum wage unemployment, Modern Monetary Theory, Mont Pelerin Society, Murray Bookchin, neoliberal agenda, New Urbanism, Occupy movement, oil shale / tar sands, oil shock, Overton Window, patent troll, pattern recognition, Paul Samuelson, Philip Mirowski, post scarcity, post-Fordism, post-work, postnationalism / post nation state, precariat, precautionary principle, price stability, profit motive, public intellectual, quantitative easing, reshoring, Richard Florida, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, Second Machine Age, secular stagnation, self-driving car, Slavoj Žižek, social web, stakhanovite, Steve Jobs, surplus humans, synthetic biology, tacit knowledge, technological determinism, the built environment, The Chicago School, The Future of Employment, the long tail, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, wages for housework, warehouse automation, We are all Keynesians now, We are the 99%, women in the workforce, working poor, working-age population

Instead we are left with actions that sometimes succeed but which rarely have an overarching eye to how this contributes to medium-and long-term goals.105 In the next chapter, we look at how the right undertook such strategic reflection and orchestrated a situation in which neoliberalism became the dominant common sense of our time. Chapter 3 Why Are They Winning? The Making of Neoliberal Hegemony We are all Keynesians now. Milton Friedman If our era is dominated by one hegemonic ideology, it is that of neoliberalism. It is widely assumed that the most effective away to produce and distribute goods and services is by allowing instrumentally rational individuals to exchange via the market. State regulations and national industries are, by contrast, seen as distortions and inefficiencies holding back the productive dynamics inherent to free markets.

Paper Money Collapse: The Folly of Elastic Money and the Coming Monetary Breakdown by Detlev S. Schlichter

bank run, banks create money, British Empire, business cycle, capital controls, Carmen Reinhart, central bank independence, currency peg, fixed income, Fractional reserve banking, German hyperinflation, global reserve currency, inflation targeting, Kenneth Rogoff, Kickstarter, Long Term Capital Management, low interest rates, market clearing, Martin Wolf, means of production, Money creation, money market fund, moral hazard, mortgage debt, open economy, Ponzi scheme, price discovery process, price mechanism, price stability, pushing on a string, quantitative easing, reserve currency, rising living standards, risk tolerance, savings glut, the market place, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, We are all Keynesians now, Y2K

Deficit spending and money injections are simply what one does in recessions. Intellectually, the two schools are very similar too. Both are part of the twentieth century’s trend toward methodological collectivism and macroeconomics just described. Milton Friedman himself clearly perceived their common methodological foundation when he said that “in one sense, we are all Keynesians now; in another, no one is a Keynesian any longer. . . . We all use the Keynesian language and apparatus; none of us any longer accepts the initial Keynesian conclusions.”8 Furthermore, he declared: “I believe that Keynes’ theory is the right kind of theory in its simplicity, its concentration on a few magnitudes, its potential fruitfulness.

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by George A. Akerlof, Robert J. Shiller

affirmative action, Andrei Shleifer, asset-backed security, bank run, banking crisis, Bear Stearns, behavioural economics, business cycle, buy and hold, collateralized debt obligation, conceptual framework, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, Deng Xiaoping, Donald Trump, Edward Glaeser, en.wikipedia.org, experimental subject, financial innovation, full employment, Future Shock, George Akerlof, George Santayana, housing crisis, Hyman Minsky, income per capita, inflation targeting, invisible hand, Isaac Newton, Jane Jacobs, Jean Tirole, job satisfaction, Joseph Schumpeter, junk bonds, Long Term Capital Management, loss aversion, market bubble, market clearing, mental accounting, Michael Milken, Mikhail Gorbachev, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, Myron Scholes, new economy, New Urbanism, Paul Samuelson, Phillips curve, plutocrats, Post-Keynesian economics, price stability, profit maximization, public intellectual, purchasing power parity, random walk, Richard Thaler, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, seminal paper, South Sea Bubble, The Chicago School, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, W. E. B. Du Bois, We are all Keynesians now, working-age population, Y2K, Yom Kippur War

In America the Employment Act of 1946 made the maintenance of full employment a federal responsibility. Keynesian principles regarding the role of fiscal and monetary policy in fighting recessions became fully incorporated into the thinking of economists and politicians, of academics, and of some of the general public. Even the late Milton Friedman has been quoted as saying “We are all Keynesians now”—although he later disavowed his statement.4 And Keynesian macroeconomic policies have largely worked. Yes, there have been ups and downs. Yes, there have been some major upheavals, such as Japan in the 1990s, Indonesia after 1998, and Argentina after 2001. But a bird’s-eye view of the world economy suggests that the entire postwar period has been, and continues to be, a success.

Basic Economics by Thomas Sowell

affirmative action, air freight, airline deregulation, Alan Greenspan, American Legislative Exchange Council, bank run, barriers to entry, big-box store, British Empire, business cycle, clean water, collective bargaining, colonial rule, corporate governance, correlation does not imply causation, cotton gin, cross-subsidies, David Brooks, David Ricardo: comparative advantage, declining real wages, Dissolution of the Soviet Union, diversified portfolio, European colonialism, fixed income, Ford Model T, Fractional reserve banking, full employment, global village, Gunnar Myrdal, Hernando de Soto, hiring and firing, housing crisis, income inequality, income per capita, index fund, informal economy, inventory management, invisible hand, John Maynard Keynes: technological unemployment, joint-stock company, junk bonds, Just-in-time delivery, Kenneth Arrow, knowledge economy, labor-force participation, land reform, late fees, low cost airline, low interest rates, low skilled workers, means of production, Mikhail Gorbachev, minimum wage unemployment, moral hazard, offshore financial centre, oil shale / tar sands, payday loans, Phillips curve, Post-Keynesian economics, price discrimination, price stability, profit motive, quantitative easing, Ralph Nader, rent control, rent stabilization, road to serfdom, Ronald Reagan, San Francisco homelessness, Silicon Valley, surplus humans, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, transcontinental railway, Tyler Cowen, Vanguard fund, War on Poverty, We are all Keynesians now

When John Maynard Keynes’ picture appeared on the cover of the December 31, 1965 issue of Time magazine, it was the first time that someone no longer living was honored in this way. There was also an accompanying story inside the magazine: Time quoted Milton Friedman, our leading non-Keynesian economist, as saying, “We are all Keynesians now.” What Friedman had actually said was: “We are all Keynesians now and nobody is any longer a Keynesian,” meaning that while everyone had absorbed some substantial part of what Keynes taught no one any longer believed it all.{1013} While it is tempting to think of the history of economics as the history of a succession of great thinkers who advanced the quantity and quality of analysis in this field, seldom did these pioneers create perfected analyses.

The Bitcoin Standard: The Decentralized Alternative to Central Banking by Saifedean Ammous

"World Economic Forum" Davos, Airbnb, Alan Greenspan, altcoin, bank run, banks create money, bitcoin, Black Swan, blockchain, Bretton Woods, British Empire, business cycle, capital controls, central bank independence, Charles Babbage, conceptual framework, creative destruction, cryptocurrency, currency manipulation / currency intervention, currency peg, delayed gratification, disintermediation, distributed ledger, Elisha Otis, Ethereum, ethereum blockchain, fiat currency, fixed income, floating exchange rates, Fractional reserve banking, full employment, George Gilder, Glass-Steagall Act, global reserve currency, high net worth, initial coin offering, invention of the telegraph, Isaac Newton, iterative process, jimmy wales, Joseph Schumpeter, low interest rates, market bubble, market clearing, means of production, military-industrial complex, Money creation, money: store of value / unit of account / medium of exchange, moral hazard, Network effects, Paul Samuelson, peer-to-peer, Peter Thiel, price mechanism, price stability, profit motive, QR code, quantum cryptography, ransomware, reserve currency, Richard Feynman, risk tolerance, Satoshi Nakamoto, scientific management, secular stagnation, smart contracts, special drawing rights, Stanford marshmallow experiment, The Nature of the Firm, the payments system, too big to fail, transaction costs, Walter Mischel, We are all Keynesians now, zero-sum game

But this has in fact happened many times, most notably in the United States in the 1970s, when, in spite of the assurances of Keynesian economists to the contrary, and in spite of the entire U.S. establishment, from President Nixon down to “free market economist” Milton Friedman, adopting the refrain, “We're all Keynesians now” as the government took it upon itself to eliminate unemployment with increased inflation, unemployment kept on rising as inflation soared, destroying the theory that there is a trade‐off between these two. In any sane society, Keynes's ideas should have been removed from the economics textbooks and confined to the realm of academic comedy, but in a society where government controls academia to a very large degree, the textbooks continued to preach the Keynesian mantra that justified ever more money printing.

The Road to Ruin: The Global Elites' Secret Plan for the Next Financial Crisis by James Rickards

"World Economic Forum" Davos, Affordable Care Act / Obamacare, Alan Greenspan, Albert Einstein, asset allocation, asset-backed security, bank run, banking crisis, barriers to entry, Bayesian statistics, Bear Stearns, behavioural economics, Ben Bernanke: helicopter money, Benoit Mandelbrot, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, bitcoin, Black Monday: stock market crash in 1987, Black Swan, blockchain, Boeing 747, Bonfire of the Vanities, Bretton Woods, Brexit referendum, British Empire, business cycle, butterfly effect, buy and hold, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, cellular automata, cognitive bias, cognitive dissonance, complexity theory, Corn Laws, corporate governance, creative destruction, Credit Default Swap, cuban missile crisis, currency manipulation / currency intervention, currency peg, currency risk, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, debt deflation, Deng Xiaoping, disintermediation, distributed ledger, diversification, diversified portfolio, driverless car, Edward Lorenz: Chaos theory, Eugene Fama: efficient market hypothesis, failed state, Fall of the Berlin Wall, fiat currency, financial repression, fixed income, Flash crash, floating exchange rates, forward guidance, Fractional reserve banking, G4S, George Akerlof, Glass-Steagall Act, global macro, global reserve currency, high net worth, Hyman Minsky, income inequality, information asymmetry, interest rate swap, Isaac Newton, jitney, John Meriwether, John von Neumann, Joseph Schumpeter, junk bonds, Kenneth Rogoff, labor-force participation, large denomination, liquidity trap, Long Term Capital Management, low interest rates, machine readable, mandelbrot fractal, margin call, market bubble, Mexican peso crisis / tequila crisis, Minsky moment, Money creation, money market fund, mutually assured destruction, Myron Scholes, Naomi Klein, nuclear winter, obamacare, offshore financial centre, operational security, Paul Samuelson, Peace of Westphalia, Phillips curve, Pierre-Simon Laplace, plutocrats, prediction markets, price anchoring, price stability, proprietary trading, public intellectual, quantitative easing, RAND corporation, random walk, reserve currency, RFID, risk free rate, risk-adjusted returns, Robert Solow, Ronald Reagan, Savings and loan crisis, Silicon Valley, sovereign wealth fund, special drawing rights, stock buybacks, stocks for the long run, tech billionaire, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, Thomas Bayes, Thomas Kuhn: the structure of scientific revolutions, too big to fail, transfer pricing, value at risk, Washington Consensus, We are all Keynesians now, Westphalian system

In Friedman’s brave new monetary world, eliminating gold and fixed exchange rates enabled enlightened central bankers to carefully calibrate money supply to target maximum real growth consistent with low inflation. In 1971, Richard Nixon said, “I am now a Keynesian in economics,” a variation on Friedman’s more famous phrase, “We are all Keynesians now.” Nixon could as well have said, “We are all Friedmanites now.” Keynes’s impact on fiscal policy, and Friedman’s on monetary policy, became a font of hubris in economics. There was no developed country macroeconomic problem that could not be solved with the right application of spending and money printing.

Arguing With Zombies: Economics, Politics, and the Fight for a Better Future by Paul Krugman

affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, Andrei Shleifer, antiwork, Asian financial crisis, bank run, banking crisis, basic income, behavioural economics, benefit corporation, Berlin Wall, Bernie Madoff, bitcoin, blockchain, bond market vigilante , Bonfire of the Vanities, business cycle, capital asset pricing model, carbon footprint, carbon tax, Carmen Reinhart, central bank independence, centre right, Climategate, cognitive dissonance, cryptocurrency, David Ricardo: comparative advantage, different worldview, Donald Trump, Edward Glaeser, employer provided health coverage, Eugene Fama: efficient market hypothesis, fake news, Fall of the Berlin Wall, fiat currency, financial deregulation, financial innovation, financial repression, frictionless, frictionless market, fudge factor, full employment, green new deal, Growth in a Time of Debt, hiring and firing, illegal immigration, income inequality, index fund, indoor plumbing, invisible hand, it is difficult to get a man to understand something, when his salary depends on his not understanding it, job automation, John Snow's cholera map, Joseph Schumpeter, Kenneth Rogoff, knowledge worker, labor-force participation, large denomination, liquidity trap, London Whale, low interest rates, market bubble, market clearing, market fundamentalism, means of production, Modern Monetary Theory, New Urbanism, obamacare, oil shock, open borders, Paul Samuelson, plutocrats, Ponzi scheme, post-truth, price stability, public intellectual, quantitative easing, road to serfdom, Robert Gordon, Robert Shiller, Ronald Reagan, secular stagnation, Seymour Hersh, stock buybacks, The Chicago School, The Great Moderation, the map is not the territory, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, universal basic income, very high income, We are all Keynesians now, working-age population

The neoclassical revival was initially led by Milton Friedman of the University of Chicago, who asserted as early as 1953 that neoclassical economics works well enough as a description of the way the economy actually functions to be “both extremely fruitful and deserving of much confidence.” But what about depressions? Friedman’s counterattack against Keynes began with the doctrine known as monetarism. Monetarists didn’t disagree in principle with the idea that a market economy needs deliberate stabilization. “We are all Keynesians now,” Friedman once said, although he later claimed he was quoted out of context. Monetarists asserted, however, that a very limited, circumscribed form of government intervention—namely, instructing central banks to keep the nation’s money supply, the sum of cash in circulation and bank deposits, growing on a steady path—is all that’s required to prevent depressions.

It's Better Than It Looks: Reasons for Optimism in an Age of Fear by Gregg Easterbrook

affirmative action, Affordable Care Act / Obamacare, air freight, Alan Greenspan, Apollo 11, autonomous vehicles, basic income, Bernie Madoff, Bernie Sanders, Black Lives Matter, Boeing 747, Branko Milanovic, Brexit referendum, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, clean tech, clean water, coronavirus, Crossrail, David Brooks, David Ricardo: comparative advantage, deindustrialization, Dissolution of the Soviet Union, Donald Trump, driverless car, Elon Musk, Exxon Valdez, factory automation, failed state, fake news, full employment, Gini coefficient, Google Earth, Home mortgage interest deduction, hydraulic fracturing, Hyperloop, illegal immigration, impulse control, income inequality, independent contractor, Indoor air pollution, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Watt: steam engine, labor-force participation, liberal capitalism, longitudinal study, Lyft, mandatory minimum, manufacturing employment, Mikhail Gorbachev, minimum wage unemployment, Modern Monetary Theory, obamacare, oil shale / tar sands, Paul Samuelson, peak oil, plant based meat, plutocrats, Ponzi scheme, post scarcity, purchasing power parity, quantitative easing, reserve currency, rising living standards, Robert Gordon, Ronald Reagan, self-driving car, short selling, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, Steve Wozniak, Steven Pinker, supervolcano, The Chicago School, The Rise and Fall of American Growth, the scientific method, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, transaction costs, Tyler Cowen, uber lyft, universal basic income, War on Poverty, Washington Consensus, We are all Keynesians now, WikiLeaks, working poor, Works Progress Administration

The government debt spree that began early in the twenty-first century may have some relationship to slower economic growth, though nothing happened in terms of standard fears about public debt—no sudden inflation, no refusal of creditors to lend anew. This seems to have convinced the US Congress, and many European parliaments that the old rules don’t apply anymore, and that borrow-and-spend can go on ad infinitum. The saying “we’re all Keynesians now” once was meant to justify government borrowing to smooth out business cycles by firing up demand. But John Maynard Keynes’s dictum had two parts: government should borrow and spend when the economy is slack, then in good times, cut spending to repay debt. Today Western and Asian governments are enthusiastic about the first half of the dictum, which rationalizes giveaways to appease interest groups, but ignore the second half, which demands self-discipline.

Hedgehogging by Barton Biggs

activist fund / activist shareholder / activist investor, Alan Greenspan, asset allocation, backtesting, barriers to entry, Bear Stearns, Big Tech, book value, Bretton Woods, British Empire, business cycle, buy and hold, diversification, diversified portfolio, eat what you kill, Elliott wave, family office, financial engineering, financial independence, fixed income, full employment, global macro, hiring and firing, index fund, Isaac Newton, job satisfaction, junk bonds, low interest rates, margin call, market bubble, Mary Meeker, Mikhail Gorbachev, new economy, oil shale / tar sands, PalmPilot, paradox of thrift, Paul Samuelson, Ponzi scheme, proprietary trading, random walk, Reminiscences of a Stock Operator, risk free rate, Ronald Reagan, secular stagnation, Sharpe ratio, short selling, Silicon Valley, transaction costs, upwardly mobile, value at risk, Vanguard fund, We are all Keynesians now, zero-sum game, éminence grise

Keynes’s legacy lives on.The second generation of Keynesian economists who came into positions of influence in both government and international institutions, with the election of President John Kennedy, ran the world economies for many years. Keynes’s prescriptions for diseased economies became the medicine of choice, and their dominance was capped by Milton Friedman’s famous assertion in 1965 that “we are all Keynesians now.” ccc_biggs_ch21_285-304.qxd 11/29/05 7:19 AM Page 303 John Maynard Keynes 303 John Maynard Keynes died of cancer in 1946. He was only 63 years old. Lydia, his lover, confidante, and sometimes nurse for the last 25 years of his life, lived another 30 years.Without the intellectual stimulation of Keynes, her vitality faded.

The Establishment: And How They Get Away With It by Owen Jones

anti-communist, Asian financial crisis, autism spectrum disorder, bank run, battle of ideas, Big bang: deregulation of the City of London, bonus culture, Boris Johnson, Bretton Woods, British Empire, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, centre right, citizen journalism, collapse of Lehman Brothers, collective bargaining, disinformation, don't be evil, Edward Snowden, Etonian, eurozone crisis, falling living standards, Francis Fukuyama: the end of history, full employment, G4S, glass ceiling, hiring and firing, housing crisis, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, James Dyson, Jon Ronson, laissez-faire capitalism, land bank, light touch regulation, low interest rates, market fundamentalism, mass immigration, Monroe Doctrine, Mont Pelerin Society, moral hazard, Neil Kinnock, night-watchman state, Nixon triggered the end of the Bretton Woods system, Northern Rock, Occupy movement, offshore financial centre, old-boy network, open borders, Overton Window, plutocrats, popular capitalism, post-war consensus, profit motive, quantitative easing, race to the bottom, rent control, road to serfdom, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, stakhanovite, statistical model, subprime mortgage crisis, Suez crisis 1956, The Wealth of Nations by Adam Smith, transfer pricing, Tyler Cowen, union organizing, unpaid internship, Washington Consensus, We are all Keynesians now, wealth creators, Winter of Discontent

They, too, wished to overturn the US’s own political consensus – in their case, to challenge a framework established by the interventionist New Deal economics of Franklin Roosevelt in the 1930s, and then Johnson’s Great Society programmes in the 1960s. As the Tories had accepted the essentials of Clement Attlee’s welfare capitalism, much of the Republican Party also resigned themselves to the US political consensus of the time: President Richard Nixon had even declared in 1971 that ‘We are all Keynesians now.’3 The Heritage Foundation – a much better resourced equivalent of the Adam Smith Institute – was founded in 1973 to promote free-market economics. It enjoyed huge support from corporate and private interests. Following an initial grant of $250,000 from the brewing magnate Joseph Coors, it had an annual budget of $2 million by 1977, reaching $17.5 million by 1989.

Keynes Hayek: The Clash That Defined Modern Economics by Nicholas Wapshott

airport security, Alan Greenspan, banking crisis, Bear Stearns, Bretton Woods, British Empire, business cycle, collective bargaining, complexity theory, creative destruction, cuban missile crisis, Francis Fukuyama: the end of history, full employment, Gordon Gekko, greed is good, Gunnar Myrdal, if you build it, they will come, Isaac Newton, Joseph Schumpeter, Kickstarter, liquidationism / Banker’s doctrine / the Treasury view, means of production, military-industrial complex, Mont Pelerin Society, mortgage debt, New Journalism, Nixon triggered the end of the Bretton Woods system, Northern Rock, Paul Samuelson, Philip Mirowski, Phillips curve, price mechanism, public intellectual, pushing on a string, road to serfdom, Robert Bork, Robert Solow, Ronald Reagan, Simon Kuznets, The Chicago School, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Malthus, trickle-down economics, Tyler Cowen, War on Poverty, We are all Keynesians now, Yom Kippur War

As his biographer Robert Skidelsky explained, “Hayek was defeated by Keynes in the economic debates of the 1930s, not, I think, because Keynes ‘proved’ his point, but because, once the world economy had collapsed, no one was very interested in the question of what exactly had caused it.”1 Although Keynesianism has been declared dead a number of times since the mid-1970s, Friedman’s acknowledgment in 1966 that “in one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian”2 is a more accurate, if teasingly ambiguous, assessment of the state of economics in the early twenty-first century. One key difference between the two men, whether an economy is best understood from the top down or the bottom up, through macroeconomics or microeconomics, left Keynes in the ascendant.

Evil Geniuses: The Unmaking of America: A Recent History by Kurt Andersen

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, airline deregulation, airport security, Alan Greenspan, always be closing, American ideology, American Legislative Exchange Council, An Inconvenient Truth, anti-communist, Apple's 1984 Super Bowl advert, artificial general intelligence, autonomous vehicles, basic income, Bear Stearns, Bernie Sanders, blue-collar work, Bonfire of the Vanities, bonus culture, Burning Man, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Cass Sunstein, centre right, computer age, contact tracing, coronavirus, corporate governance, corporate raider, cotton gin, COVID-19, creative destruction, Credit Default Swap, cryptocurrency, deep learning, DeepMind, deindustrialization, Donald Trump, Dr. Strangelove, Elon Musk, ending welfare as we know it, Erik Brynjolfsson, feminist movement, financial deregulation, financial innovation, Francis Fukuyama: the end of history, future of work, Future Shock, game design, General Motors Futurama, George Floyd, George Gilder, Gordon Gekko, greed is good, Herbert Marcuse, Herman Kahn, High speed trading, hive mind, income inequality, industrial robot, interchangeable parts, invisible hand, Isaac Newton, It's morning again in America, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jeff Bezos, jitney, Joan Didion, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, junk bonds, Kevin Roose, knowledge worker, lockdown, low skilled workers, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, Menlo Park, Naomi Klein, new economy, Norbert Wiener, Norman Mailer, obamacare, Overton Window, Peter Thiel, Picturephone, plutocrats, post-industrial society, Powell Memorandum, pre–internet, public intellectual, Ralph Nader, Right to Buy, road to serfdom, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, Saturday Night Live, Seaside, Florida, Second Machine Age, shareholder value, Silicon Valley, social distancing, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Stewart Brand, stock buybacks, strikebreaker, tech billionaire, The Death and Life of Great American Cities, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, trickle-down economics, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, union organizing, universal basic income, Unsafe at Any Speed, urban planning, urban renewal, very high income, wage slave, Wall-E, War on Poverty, We are all Keynesians now, Whole Earth Catalog, winner-take-all economy, women in the workforce, working poor, young professional, éminence grise

As the compensation of CEOs at big companies increased crazily during the 1990s, the president initially thought the government might discourage it with stiff penalties, but the Business Roundtable talked sense into him. And so on. As Nixon had admitted, thirty-odd years after the New Deal, We’re all Keynesians now, thirty-odd years after that, when Clinton took office, he was saying, None of us are New Dealers anymore. It’s worth comparing the New Democrat positioning to that of one older Washington Democrat, whose take was ridiculed as old-fashioned and out of touch. In the 1960s and ’70s, Daniel Moynihan had been pigeonholed as a moderate or a conservative, but as a U.S. senator during the 1990s, when the rest of his party went Republicanesque on the political economy, Moynihan was a kind of heroic last left-winger standing.*1 At the start of his presidency, Clinton tried to legislate an expansion of the private U.S. health insurance system to make it cover more people.

The-General-Theory-of-Employment-Interest-and-Money by John Maynard Keynes

bank run, behavioural economics, business cycle, collective bargaining, declining real wages, delayed gratification, full employment, invisible hand, laissez-faire capitalism, low interest rates, marginal employment, means of production, moral hazard, Paul Samuelson, price stability, profit motive, quantitative easing, secular stagnation, The Wealth of Nations by Adam Smith, We are all Keynesians now, working-age population

First is the book’s message—something that ought to be clear from the book itself, but which has often been obscured by those who project their fears or hopes on to Keynes. Second is the question of how Keynes did it: why did he succeed, where others had failed, in convincing the world to accept economic heresy? Third is the question of how much of The General Theory remains in today’s macroeconomics: are we all Keynesians now, or have we either superseded Keynes’s legacy, or, some say, betrayed it? Fourth is the question of how Keynes has held up in the crisis and aftermath. Fifth is the question of what Keynes missed, and why. Finally, I will discuss how Keynes changed economics, and the world. The Message of Keynes It is probably safe to assert that many of those who denounce Keynes— and even some of who claim to support his ideas—have never read his work.

Fantasyland: How America Went Haywire: A 500-Year History by Kurt Andersen

affirmative action, Alan Greenspan, Albert Einstein, animal electricity, anti-communist, Any sufficiently advanced technology is indistinguishable from magic, augmented reality, back-to-the-land, Bernie Sanders, British Empire, Burning Man, California gold rush, Celebration, Florida, centre right, cognitive dissonance, Columbine, corporate governance, cotton gin, Credit Default Swap, David Brooks, delayed gratification, dematerialisation, disinformation, disintermediation, disruptive innovation, Donald Trump, Donner party, Downton Abbey, Easter island, Edward Snowden, Electric Kool-Aid Acid Test, failed state, fake news, Ferguson, Missouri, God and Mammon, Gordon Gekko, greed is good, Herman Kahn, high net worth, illegal immigration, invisible hand, Isaac Newton, John von Neumann, Kickstarter, large denomination, Mark Zuckerberg, market fundamentalism, McMansion, Mikhail Gorbachev, military-industrial complex, Minecraft, moral panic, mutually assured destruction, new economy, New Urbanism, Norman Mailer, off-the-grid, Oklahoma City bombing, placebo effect, post-truth, pre–internet, prosperity theology / prosperity gospel / gospel of success, Ralph Waldo Emerson, RAND corporation, reality distortion field, Ronald Reagan, Silicon Valley, smart meter, Snapchat, South Sea Bubble, Steve Jobs, sugar pill, Ted Kaczynski, the scientific method, Thomas Kuhn: the structure of scientific revolutions, Timothy McVeigh, trade route, transcontinental railway, urban renewal, We are all Keynesians now, Whole Earth Catalog, WikiLeaks, Y2K, young professional

At the same time, the reality-based left more or less won: the retreat from Vietnam, the passage of civil rights and environmental protection laws, increasing legal and cultural equality for women, legalized abortion. Two leaders of the right, Milton Friedman and Richard Nixon, famously said at the time, “We are all Keynesians now”—meaning that, yes, the government does need to use taxes and spending to manage the economy. But then the right wanted its turn to win: it more or less accepted racial and gender legal equality and learned to live with social welfare and regulation and bigger government, but it insisted on slowing it all down.

A Generation of Sociopaths: How the Baby Boomers Betrayed America by Bruce Cannon Gibney

1960s counterculture, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, AlphaGo, American Society of Civil Engineers: Report Card, Bear Stearns, Bernie Madoff, Bernie Sanders, Black Lives Matter, bond market vigilante , book value, Boston Dynamics, Bretton Woods, business cycle, buy and hold, carbon footprint, carbon tax, Charles Lindbergh, classic study, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate personhood, Corrections Corporation of America, currency manipulation / currency intervention, Daniel Kahneman / Amos Tversky, dark matter, DeepMind, Deng Xiaoping, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, ending welfare as we know it, equal pay for equal work, failed state, financial deregulation, financial engineering, Francis Fukuyama: the end of history, future of work, gender pay gap, gig economy, Glass-Steagall Act, Haight Ashbury, Higgs boson, high-speed rail, Home mortgage interest deduction, Hyperloop, illegal immigration, impulse control, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jane Jacobs, junk bonds, Kitchen Debate, labor-force participation, Long Term Capital Management, low interest rates, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, McMansion, medical bankruptcy, Menlo Park, Michael Milken, military-industrial complex, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, Neil Armstrong, neoliberal agenda, Network effects, Nixon triggered the end of the Bretton Woods system, obamacare, offshore financial centre, oil shock, operation paperclip, plutocrats, Ponzi scheme, price stability, prosperity theology / prosperity gospel / gospel of success, quantitative easing, Ralph Waldo Emerson, RAND corporation, rent control, ride hailing / ride sharing, risk tolerance, Robert Shiller, Ronald Reagan, Rubik’s Cube, Savings and loan crisis, school choice, secular stagnation, self-driving car, shareholder value, short selling, side project, Silicon Valley, smart grid, Snapchat, source of truth, stem cell, Steve Jobs, Stewart Brand, stock buybacks, survivorship bias, TaskRabbit, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, War on Poverty, warehouse robotics, We are all Keynesians now, white picket fence, Whole Earth Catalog, women in the workforce, Y2K, Yom Kippur War, zero-sum game

The traditional response would have been to cool demand through some combination of lower spending and higher taxes. However, the economy had dipped very slightly, and Nixon wanted strong growth ahead of the 1972 election. Though nominally a conservative Republican, Nixon embraced Keynesian mechanisms (even if he never quite said, “We are all Keynesians now”). The president cajoled the Federal Reserve and Congress and ordered agencies under his control to spend as much as they could, a mandate the Defense Department fulfilled by buying a two-year supply of toilet paper.16 Grow the economy did, at the price of further inflation. It’s not clear the economy needed much stimulating in the first place, any more than Nixon needed Watergate shenanigans to secure his 1972 landslide, but Nixon liked overkill.

The Economists' Hour: How the False Prophets of Free Markets Fractured Our Society by Binyamin Appelbaum

90 percent rule, airline deregulation, Alan Greenspan, Alvin Roth, Andrei Shleifer, anti-communist, battle of ideas, Benoit Mandelbrot, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business cycle, capital controls, Carmen Reinhart, Cass Sunstein, Celtic Tiger, central bank independence, clean water, collective bargaining, Corn Laws, correlation does not imply causation, Credit Default Swap, currency manipulation / currency intervention, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, desegregation, Diane Coyle, Donald Trump, Dr. Strangelove, ending welfare as we know it, financial deregulation, financial engineering, financial innovation, fixed income, flag carrier, floating exchange rates, full employment, George Akerlof, George Gilder, Gini coefficient, greed is good, Greenspan put, Growth in a Time of Debt, Ida Tarbell, income inequality, income per capita, index fund, inflation targeting, invisible hand, Isaac Newton, It's morning again in America, Jean Tirole, John Markoff, Kenneth Arrow, Kenneth Rogoff, land reform, Les Trente Glorieuses, long and variable lags, Long Term Capital Management, low cost airline, low interest rates, manufacturing employment, means of production, Menlo Park, minimum wage unemployment, Mohammed Bouazizi, money market fund, Mont Pelerin Society, Network effects, new economy, Nixon triggered the end of the Bretton Woods system, oil shock, Paul Samuelson, Philip Mirowski, Phillips curve, plutocrats, precautionary principle, price stability, profit motive, public intellectual, Ralph Nader, RAND corporation, rent control, rent-seeking, Richard Thaler, road to serfdom, Robert Bork, Robert Gordon, Robert Solow, Ronald Coase, Ronald Reagan, Sam Peltzman, Savings and loan crisis, Silicon Valley, Simon Kuznets, starchitect, Steve Bannon, Steve Jobs, supply-chain management, The Chicago School, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, transaction costs, trickle-down economics, ultimatum game, Unsafe at Any Speed, urban renewal, War on Poverty, Washington Consensus, We are all Keynesians now

“But it is also clear that this promise will not be fulfilled unless we couple with improved techniques of economic management a determination to convert good economics and a great prosperity into a good life and a great society.” 40. Lyndon B. Johnson, The Vantage Point (New York: Holt, Rinehart and Winston, 1971), 74. 41. “We Are All Keynesians Now,” Time, December 31, 1965. Paul Volcker later told the British journalist Stephen Fay, “It is almost impossible to reconstruct the mood, but there was a feeling of exuberance in the economics profession, because it really thought it had the business of the cycle of boom-and-bust licked”: see William Greider, Secrets of the Temple (New York: Simon and Schuster, 1987), 332.

Rentier Capitalism: Who Owns the Economy, and Who Pays for It? by Brett Christophers

"World Economic Forum" Davos, accounting loophole / creative accounting, Airbnb, Amazon Web Services, barriers to entry, Big bang: deregulation of the City of London, Big Tech, book value, Boris Johnson, Bretton Woods, Brexit referendum, British Empire, business process, business process outsourcing, Buy land – they’re not making it any more, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cloud computing, collective bargaining, congestion charging, corporate governance, data is not the new oil, David Graeber, DeepMind, deindustrialization, Diane Coyle, digital capitalism, disintermediation, diversification, diversified portfolio, Donald Trump, Downton Abbey, electricity market, Etonian, European colonialism, financial deregulation, financial innovation, financial intermediation, G4S, gig economy, Gini coefficient, Goldman Sachs: Vampire Squid, greed is good, green new deal, haute couture, high net worth, housing crisis, income inequality, independent contractor, intangible asset, Internet of things, Jeff Bezos, Jeremy Corbyn, Joseph Schumpeter, Kickstarter, land bank, land reform, land value tax, light touch regulation, low interest rates, Lyft, manufacturing employment, market clearing, Martin Wolf, means of production, moral hazard, mortgage debt, Network effects, new economy, North Sea oil, offshore financial centre, oil shale / tar sands, oil shock, patent troll, pattern recognition, peak oil, Piper Alpha, post-Fordism, post-war consensus, precariat, price discrimination, price mechanism, profit maximization, proprietary trading, quantitative easing, race to the bottom, remunicipalization, rent control, rent gap, rent-seeking, ride hailing / ride sharing, Right to Buy, risk free rate, Ronald Coase, Rutger Bregman, sharing economy, short selling, Silicon Valley, software patent, subscription business, surveillance capitalism, TaskRabbit, tech bro, The Nature of the Firm, transaction costs, Uber for X, uber lyft, vertical integration, very high income, wage slave, We are all Keynesians now, wealth creators, winner-take-all economy, working-age population, yield curve, you are the product

The rich whom we cannot afford, as identified by Andrew Sayer in Why We Can’t Afford the Rich (2015), are the rentier rich.2 It is rentiers who, in Guy Standing’s 2016 account, are responsible for the ‘corruption of capitalism’.3 And it is rentiers doing the ‘taking’ rather than the ‘making’ in Mariana Mazzucato’s The Value of Everything: Making and Taking in the Global Economy (2018).4 So ubiquitously do the figures of rent and the rentier seem now to loom that, in 2016, Philippe Askenazy, shadowing William Harcourt in the nineteenth century (‘We are all socialists now’) and Milton Friedman in the twentieth (‘We are all Keynesians now’), submitted that, with the twenty-first century less than two decades old, we were now all rentiers.5 Even the premier magazine and premier newspaper of global capitalism, the Economist and the Financial Times respectively, have been writing about rentierism – with, it must be said, barely more fondness than the illustrious scholars mentioned above.6 One of the main problems one confronts when trying to get a handle on this post-Piketty burst of writing on the rentier, however, is that definitions and conceptualizations vary.

The Age of Turbulence: Adventures in a New World (Hardback) - Common by Alan Greenspan

addicted to oil, air freight, airline deregulation, Alan Greenspan, Albert Einstein, asset-backed security, bank run, Berlin Wall, Black Monday: stock market crash in 1987, Bretton Woods, business cycle, business process, buy and hold, call centre, capital controls, carbon tax, central bank independence, collateralized debt obligation, collective bargaining, compensation consultant, conceptual framework, Corn Laws, corporate governance, corporate raider, correlation coefficient, cotton gin, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cuban missile crisis, currency peg, currency risk, Deng Xiaoping, Dissolution of the Soviet Union, Doha Development Round, double entry bookkeeping, equity premium, everywhere but in the productivity statistics, Fall of the Berlin Wall, fiat currency, financial innovation, financial intermediation, full employment, Gini coefficient, Glass-Steagall Act, Hernando de Soto, income inequality, income per capita, information security, invisible hand, Joseph Schumpeter, junk bonds, labor-force participation, laissez-faire capitalism, land reform, Long Term Capital Management, low interest rates, Mahatma Gandhi, manufacturing employment, market bubble, means of production, Mikhail Gorbachev, moral hazard, mortgage debt, Myron Scholes, Nelson Mandela, new economy, North Sea oil, oil shock, open economy, open immigration, Pearl River Delta, pets.com, Potemkin village, price mechanism, price stability, Productivity paradox, profit maximization, purchasing power parity, random walk, Reminiscences of a Stock Operator, reserve currency, Right to Buy, risk tolerance, Robert Solow, Ronald Reagan, Savings and loan crisis, shareholder value, short selling, Silicon Valley, special economic zone, stock buybacks, stocks for the long run, Suez crisis 1956, the payments system, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tipper Gore, too big to fail, total factor productivity, trade liberalization, trade route, transaction costs, transcontinental railway, urban renewal, We are all Keynesians now, working-age population, Y2K, zero-sum game

It said that economic policymakers should no longer just respond passively to events but should "foresee and shape future developments." The stock market boomed, and at the end of the year Time magazine put John Maynard Keynes on the cover (even though he'd been dead since 1946), declaring, "We are all Keynesians now."* I could scarcely believe it. I'd never been confident in making macroeconomic forecasts, and while Townsend-Greenspan did provide them to clients, they weren't central to our business. I had to admire what Heller had pulled off. But I also remember sitting in my office at 80 Pine Street with its view of the Brooklyn Bridge and thinking, Boy, I'm glad I don't have Walter Heller's job.

This Changes Everything: Capitalism vs. The Climate by Naomi Klein

"World Economic Forum" Davos, 1960s counterculture, activist fund / activist shareholder / activist investor, An Inconvenient Truth, Anthropocene, battle of ideas, Berlin Wall, Big Tech, big-box store, bilateral investment treaty, Blockadia, Boeing 747, British Empire, business climate, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, carbon footprint, carbon tax, clean tech, clean water, Climategate, cognitive dissonance, coherent worldview, colonial rule, Community Supported Agriculture, complexity theory, crony capitalism, decarbonisation, degrowth, deindustrialization, dematerialisation, different worldview, Donald Trump, Downton Abbey, Dr. Strangelove, electricity market, energy security, energy transition, equal pay for equal work, extractivism, Exxon Valdez, failed state, fake news, Fall of the Berlin Wall, feminist movement, financial deregulation, food miles, Food sovereignty, gentrification, geopolitical risk, global supply chain, green transition, high-speed rail, hydraulic fracturing, ice-free Arctic, immigration reform, income per capita, Intergovernmental Panel on Climate Change (IPCC), Internet Archive, invention of the steam engine, invisible hand, Isaac Newton, James Watt: steam engine, Jones Act, Kickstarter, Kim Stanley Robinson, land bank, light touch regulation, man camp, managed futures, market fundamentalism, Medieval Warm Period, Michael Shellenberger, military-industrial complex, moral hazard, Naomi Klein, new economy, Nixon shock, Occupy movement, ocean acidification, off-the-grid, offshore financial centre, oil shale / tar sands, open borders, patent troll, Pearl River Delta, planetary scale, planned obsolescence, post-oil, precautionary principle, profit motive, quantitative easing, race to the bottom, Ralph Waldo Emerson, Rana Plaza, remunicipalization, renewable energy transition, Ronald Reagan, Russell Brand, scientific management, smart grid, special economic zone, Stephen Hawking, Stewart Brand, structural adjustment programs, Ted Kaczynski, Ted Nordhaus, TED Talk, the long tail, the scientific method, The Wealth of Nations by Adam Smith, trade route, transatlantic slave trade, trickle-down economics, Upton Sinclair, uranium enrichment, urban planning, urban sprawl, vertical integration, Virgin Galactic, wages for housework, walkable city, Washington Consensus, Wayback Machine, We are all Keynesians now, Whole Earth Catalog, WikiLeaks

What stopped him was the invisible confinement of a powerful ideology that had convinced him—as it has convinced virtually all of his political counterparts—that there is something wrong with telling large corporations how to run their businesses even when they are running them into the ground, and that there is something sinister, indeed vaguely communist, about having a plan to build the kind of economy we need, even in the face of an existential crisis. This is, of course, yet another legacy bequeathed to us by the free market counterrevolution. As recently as the early 1970s, a Republican president—Richard Nixon—was willing to impose wage and price controls to rescue the U.S. economy from crisis, popularizing the notion that “We are all Keynesians now.”8 But by the 1980s, the battle of ideas waged out of the same Washington think tanks that now deny climate change had successfully managed to equate the very idea of industrial planning with Stalin’s five-year plans. Real capitalists don’t plan, these ideological warriors insisted—they unleash the power of the profit motive and let the market, in its infinite wisdom, create the best possible society for all.

The Man Who Knew: The Life and Times of Alan Greenspan by Sebastian Mallaby

airline deregulation, airport security, Alan Greenspan, Alvin Toffler, Andrei Shleifer, anti-communist, Asian financial crisis, balance sheet recession, bank run, barriers to entry, Bear Stearns, behavioural economics, Benoit Mandelbrot, Black Monday: stock market crash in 1987, bond market vigilante , book value, Bretton Woods, business cycle, central bank independence, centralized clearinghouse, classic study, collateralized debt obligation, conceptual framework, corporate governance, correlation does not imply causation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency peg, Dr. Strangelove, energy security, equity premium, fiat currency, financial deregulation, financial engineering, financial innovation, fixed income, Flash crash, forward guidance, full employment, Future Shock, Glass-Steagall Act, Greenspan put, Hyman Minsky, inflation targeting, information asymmetry, interest rate swap, inventory management, invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", junk bonds, Kenneth Rogoff, Kickstarter, Kitchen Debate, laissez-faire capitalism, Lewis Mumford, Long Term Capital Management, low interest rates, low skilled workers, market bubble, market clearing, Martin Wolf, Money creation, money market fund, moral hazard, mortgage debt, Myron Scholes, Neil Armstrong, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, Northern Rock, paper trading, paradox of thrift, Paul Samuelson, Phillips curve, plutocrats, popular capitalism, price stability, RAND corporation, Reminiscences of a Stock Operator, rent-seeking, Robert Shiller, Robert Solow, rolodex, Ronald Reagan, Saturday Night Live, Savings and loan crisis, savings glut, secular stagnation, short selling, stock buybacks, subprime mortgage crisis, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, Tipper Gore, too big to fail, trade liberalization, unorthodox policies, upwardly mobile, We are all Keynesians now, WikiLeaks, women in the workforce, Y2K, yield curve, zero-sum game

In a memo to Simon on the day of the State of the Union address, Greenspan explained that more government borrowing would not drive up prices so long as it happened soon, while private borrowing was in the ditch, along with the economy. “The problem will come in 1976 or after the economy has strengthened,” Greenspan pleaded.49 “We are all Keynesians now,” he might as well have told him. Greenspan reassured himself that he was making the world better. He had succeeded in improving the design of the rebate, insisting that it had to get to people before the economy recovered unassisted.50 Besides, he and the president were steering a difficult course.