"The legacy of Keynesian economics — the misdiagnosis of unemployment, the fear of saving, and the unjustified faith in government intervention — affected the fundamental ideas of policy makers for a generation and altered such basic institutions of our economy as the tax laws, the social insurance programs and the financial system. Changing these deeply ingrained aspects of economic life can happen only slowly. But the economics profession has undoubtedly begun to re-examine and re-evaluate the Keynesian notions that have been so dominant for the past 35 years. There is a return to older and more basic economic truths and an attempt to adapt these ideas to the changing conditions of technology and affluence. From this is emerging a new view of unemployment, of saving, and of the role of government."
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Academics from the United StatesJews from the United StatesPeople from New York CityEconomists from the United States
Original Language: English
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"The Retreat from Keynesian Economics", The Public Interest (1981).
https://en.wikiquote.org/wiki/Martin_Feldstein
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Martin Feldstein
Martin Stuart "Marty" Feldstein (November 25, 1939 – June 11, 2019) was an American economist, the George F. Baker Professor of Economics at , and the president emeritus of the National Bureau of Economic Research (NBER). From 1982 to 1984, Feldstein served as chairman of the Council of Economic Advisers and as chief economic advisor to President Ronald Reagan (where his views clashed with Reagan administration large military expenditure policies).
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