"Hayek’s warning was dead wrong. Most rich countries tried some form of Keynes’s policies in the 1950s, '60s, and '70s, and while they didn’t always work as advertised, they most definitely did not lead to totalitarianism. Yet somehow Hayek’s meme entered our collective consciousness. On blogs and in the financial media, where politics and economics mix freely, self-described "Austrians" kept using the word "Keynesian" as a political epithet, the way National Review writers or Fox News anchors use the word "liberal.""
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Noah Smith, “How 'Keynes' Became a Dirty Word”, Bloomberg View (2014)
https://en.wikiquote.org/wiki/The_Road_to_Serfdom
Revision History
No revisions have been submitted for this quote.
Categories
Related Quotes
"We have been misled as much because we have refused to believe that the enemy was sincere in the profession of some b…"
"When a professional student of social affairs writes a political book, his first duty is plainly to say so. This is a…"
"Conservatism, though a necessary element in any stable society, is not a social program; in its paternalistic, nation…"
"The reader will probably ask whether this means that I am still prepared to defend all the main conclusions of this b…"
"I have long resented being more widely known by what I regarded as a pamphlet for the time than by my strictly scient…"
"While history runs its course, it is not history to us. It leads us into an unknown land, and but rarely can we get a…"
"If in the long run we are the makers of our own fate, in the short run we are the captives of the ideas we have creat…"
"For at least twenty-five years before the specter of totalitarianism became a real threat, we had progressively been …"
"The gradual transformation of a rigidly organized hierarchic system into one where men could at least attempt to shap…"
"Is there a greater tragedy imaginable than that, in our endeavour consciously to shape our future in accordance with …"