"There were many ways in which the Keynesian revolution could have developed. It could have extended to core theory and connected to Robertson's and Hayek's work, but it did not, in large part because of the interest of the Keynesian revolutionaries in policy. Complex core theory has little to say about policy; surface theory has much to say. Thus much of the early work in Keynesian economics involved the development of policy-related surface theory. A key place for this development was the Harvard seminar centered around Alvin Hansen, who had come from the University of Minnesota as the first Littauer Professor and who became the one tenured Harvard faculty member accepting Keynesian ideas. With Hansen the young Keynesians had a powerful faculty ally who, like them, was primarily interested in policy, not complex theory. Thus, like a river, the Keynesian revolution followed the path of least resistance, and it was this area of theoretical policy that constituted that path."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
David C. Colander and Christian A. Johnson, The Coming of Keynesianism to America: Conversations with the Founders of Keynesian Economics (1996), Introduction
https://en.wikiquote.org/wiki/Keynesian_Revolution
Revision History
No revisions have been submitted for this quote.
Categories
Keynesian Revolution
16 quotes on TrueQuotesView all quotes by Keynesian Revolution →
Related Quotes
"Work by economists reexamining the so-called Keynes-versus-the-classics debate has led to another debate, one that mi…"
"As was the case with the Keynesian theoretical revolution, the Keynesian policy revolution in the United States did n…"
"The Keynesian Revolution is one of the most remarkable episodes in the entire history of economic thought; certainly …"
"Contrary to what is widely believed, the crucial result of the 'Keynesian Revolution' is the general acceptance of a …"
"Though with its reliance on apparently measurable magnitudes it appears at first more scientific than the older micro…"
"I do not consider the term "Keynesian revolution" appropriate. [...] It seemed to be a more political event than a sc…"
"John Maynard Keynes, late economic adviser to the British Government, is the new prophet of inflationism. The "Keynes…"
"The great economists were harbingers of new ideas. The economic policies they recommended were at variance with the p…"
"I think that Keynes was certainly a good example of a new paradigm. His work is possibly the best example of a case f…"
"If liberalism's core doctrine is that, given institutional adherence to the rights of life, liberty, and property, ci…"