"In this extended survey, we have witnessed a kaleidoscopic variety of opinions and reactions to the Keynesian revolution. Unfortunately, no immediate consensus among free-market advocates arose in response to the challenge of a new and dangerous macroeconomics that grew out of the Great Depression. Some dismissed Keynes prematurely; others considered Keynes a major threat; still others treated his theory as a second-best solution to the vagaries of laissez-faire capitalism. Many were mesmerized by Keynes's new bag of techniques, which they could not always claim fully to understand. Because no united front developed to counter the Keynesian revolution, the most industrialized nations of the world languished under the spell of its magic."
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Keynesian Revolution
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