Keynes and Keynesianism

Authored by: Matt Seybold

The Routledge Companion to Literature and Economics

Print publication date:  September  2018
Online publication date:  September  2018

Print ISBN: 9781138190870
eBook ISBN: 9781315640808
Adobe ISBN:

10.4324/9781315640808-26

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Abstract

On New Year’s Eve 1965, the cover of Time magazine featured a rather unflattering portrait of John Maynard Keynes, making the economist a de facto “man of the year” two decades after his death. The headline to the cover story was “We Are All Keynesians Now.” The resonance of this phrase, which has its own Wikipedia page, is evidenced by dozens of reappropriations in the aftermath of the 2008 economic meltdown by publications as disparate as The Boston Globe, The Daily Telegraph, The Wall Street Journal, and Time itself. In 1965, Time attributed the “We Are All Keynesians” quote to Milton Friedman, then the most prominent opponent of Keynesian policies. Friedman was eager to clarify that what he actually said was, “In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian” (Friedman 1966: 15). Such is the lasting paradox of the eponym.

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