Friday, November 22, 2013

A simple six-letter substitution

Marx: "I am not a Marxist"

Keynes: "I was the only non-Keynesian there"

Exactly. Sometimes an idea gets simplified and popularized and changed so much that when it is attributed back to its source, the source refuses to accept the credit.

The so-called Keynesians of the 1960s had already moved away from what Keynes said. They were inventing their own crap and calling it Keynesian. Later then, after they got crushed by inflation, they came back with a new name: the New Keynesian economics.

I didn't know what that was. I didn't know any of that history, then. But when I heard that name, that's when I came up with the name that became the name of this blog.

1 comment:

Jazzbumpa said...

Krugman says old Keynesian thinking and models have served well during the recent unpleasantness.