"I do not consider the term "Keynesian revolution" appropriate. [...] It seemed to be a more political event than a scientific event. The Depression discredited the whole profession, people were alarmed about it. The General Theory is a political response to the Depression and to the discrediting of conventional economics that resulted from it.But I should acknowledge that Keynes left an opening for younger econometricians and mathematical economists to take over and to write down models. When their senior colleagues criticized their models, they could say, "Well, these are Keynesian models." And since the older people still hadn't caught up with Keynes, that shut them up. So people like Klein and Tinbergen took over because they had the exciting new methods."

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Added on April 10, 2026
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Original Language: English