Entry in progress—B.P.
Wikipedia: We are all Keynesians now
“We are all Keynesians now” is a now-famous phrase coined by Milton Friedman and attributed to U.S. president Richard Nixon. It is popularly associated with the reluctant embrace in a time of financial crisis of Keynesian economics by individuals such as Nixon who had formerly favored free market capitalism.
History of the phrase
The phrase was first attributed to Milton Friedman in the December 31, 1965 edition of Time magazine. In the February 4, 1966 edition, Friedman wrote a letter clarifying that his original statement had been “In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian.”
In 1971, after taking the United States off the gold standard, Nixon was quoted as saying “I am now a Keynesian in economics”, which became popularly associated with Friedman’s phrase.
The phrase gained new life in the midst of the global financial crisis of 2008, when some economists and pundits called for massive investment in infrastructure and job creation as a means of economic stimulation.
The February 2009 cover of Newsweek played on the phrase with the headline, “We are all socialists now,” referring to the growing trend of politicians of both parties to favor the centralization of power through the mutual expansion of government. Graphically, this was symbolized by a cover picture featuring a red hand (Republican) shaking a blue hand (Democrat).
Wikipedia: Keynesian economics
Keynesian economics (pronounced /ˈkeɪnziən/, also called Keynesianism and Keynesian theory) is a macroeconomic theory based on the ideas of 20th century British economist John Maynard Keynes. Keynesian economics argues that private sector decisions sometimes lead to inefficient macroeconomic outcomes and therefore, advocates active policy responses by the public sector, including monetary policy actions by the central bank and fiscal policy actions by the government to stabilize output over the business cycle. The theories forming the basis of Keynesian economics were first presented in The General Theory of Employment, Interest and Money, published in 1936; the interpretations of Keynes are contentious, and several schools of thought claim his legacy.
Keynesian economics advocates a mixed economy—predominantly private sector, but with a large role of government and public sector—and served as the economic model during the latter part of the Great Depression, World War II, and the post-war economic expansion (1945–1973), though it lost some influence following the stagflation of the 1970s. The advent of the global financial crisis in 2007 has caused a resurgence in Keynesian thought. The former British Prime Minister Gordon Brown, President of the United States Barack Obama, and other world leaders have used Keynesian economics to justify government stimulus programs for their economies.
The Yale Book of Quotations
Edited by Fred R. Shapiro
New Haven, CT: Yale University Press
U.S. economist, 1912-2006
“We are all Keynesians now.”
Quoted in Time, 31 Dec. 1965
British politician, 1827-1904
“We are all Socialists now.”
Speech in House of Commons, 11 Aug. 1887
German socialism and Ferdinand Lassalle:
A biographical history of German socialistic movements during this century
By William Harbutt Dawson
London: S. Sonnenschein
While, however, this is Socialism carried to its full logical limits, a great number of more or less modified forms of Socialism exist, or the English statesman who recently declared that “We are all Socialists now,” would have been guilty of a misapplicaion of terms.
Theoretical Economic Systems:
A comparative analysis
By Walter S Buckingham
New York, NY: Ronald Press Co.
The truth of the popular saying, among economists, that “we are all Keynesians now” should no longer be doubted by anyone in view of the postwar experiences with both Democratic and Republican administrations.
The British economy,1920-1957
By A J Youngson
London: George Allen & Unwin
... most thunderous revolution of all’ was over; ‘we are all Keynesians now.’
Business & Society
By Joseph W McGuire
New York, NY: MacGraw-Hill
In an appraisal of Keynesian thought, twenty years after the publication of the General Theory, it was possible for a noted economist, speaking of economists in general, to say: “We are all Keynesians now.”
Politics and economics;
Papers in political economy
By Baron Lionel Robbins Robbins
New York, NY: St Martin’s Press
It is not true that we are all Keynesians now. But most of us are — after our fashion.
Google News Archive
16 September 2001, Schenectady (NY) Daily Gazette, pg. F4, col. 4 headline:
We’re all New Yorkers now
Living A New Normal
by David Gates
October 08, 2001
Supposedly we’re all New Yorkers now, yet even New Yorkers who live or work above 14th Street in Manhattan didn’t experience the same disaster as people downtown. Most people upwind of the smoke experienced it on television, which soon began providing atmospheric music to lend a little pizzazz to the footage of exploding, tumbling towers in which thousands were dying.
New York (NY) Daily News
WE’RE N.Y.ERS, AIR FORCE MAN SAYS OF CREW
By RICHARD SISK DAILY NEWS WASHINGTON BUREAU
Friday, October 12th 2001, 2:23AM
WASHINGTON - “We’re all New Yorkers now,” an Air Force bomber pilot who called himself Maj. Ace said yesterday.
Ace made the statement on behalf of himself and his ground crew of loaders, refuelers and avionic technicians when asked if any of them were from the city.
New York City • Government/Law/Politics/Military • (0) Comments • Wednesday, July 28, 2010 • Permalink