As to us here our thoughts of every thing at home are suspended, by our astonishment at the wonderful Spectacle which is exhibited in a Neighbouring and rival Country-what Spectators, and what actors! England gazing with astonishment at a French struggle for Liberty and not knowing whether to blame or to applaud! The thing indeed, though I thought I saw something like it in progress for several years, has still something in it paradoxical and Mysterious. The spirit it is impossible not to admire; but the old Parisian ferocity has broken out in a shocking manner. It is true, that this may be no more than a sudden explosion... But if it should be character rather than accident, then that people are not fit for Liberty, and must have a Strong hand like that of their former masters to coerce them. Men must have a certain fund of natural moderation to qualifye them for Freedom, else it becomes noxious to themselves and a perfect Nuisance to every body else.
Edmund Burke
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It is really to be lamented that after a public servant has passed a life in important and faithful services, after having given the most plenary satisfaction in every station, it should yet be in the power of every individual to disturb his quiet, by arraigning him in a gazette and by obliging him to act as if he needed a defence, an obligation imposed on him by unthinking minds which never give themselves the trouble of seeking a reflection unless it be presented to them. However it is a part of the price we pay for our liberty, which cannot be guarded but by the freedom of the press, nor that be limited without danger of losing it. To the loss of time, of labour, of money, then, must be added that of quiet, to which those must offer themselves who are capable of serving the public, and all this is better than European bondage. Your quiet may have suffered for a moment on this occasion, but you have the strongest of all supports that of the public esteem.
Thomas Jefferson
I thought Congress had taken their ground firmly for continuing their embargo till June, and then war. But a sudden and unaccountable revolution of opinion took place the last week, chiefly among the New England and New York members, and in a kind of panic they voted the 4th of March for removing the embargo, and by such a majority as gave all reason to believe they would not agree either to war or non-intercourse. This, too, was after we had become satisfied that the Essex Junto had found their expectation desperate, of inducing the people there either to separation or forcible opposition. The majority of Congress, however, has now rallied to the removing the embargo on the 4th March, non-intercourse with France and Great Britain, trade everywhere else, and continuing war preparations. The further details are not yet settled, but I believe it is perfectly certain that the embargo will be taken off the 4th of March.
Thomas Jefferson
For a period of roughly 35 years, Keynesian theory provided a central paradigm for macroeconomists, and considerable progress was made on several empirical fronts. It was widely recognized that some of the ingredients of Keynesian economics (e.g. money illusion and/or nominal wage rigidity) rested on slender to non-existent microtheoretic foundations; and there were always dissenters. But, thought of as a collection of empirical regularities that fit together into a coherent whole, the theory worked tolerably well. In the 1970s, however, the Keynesian paradigm was rejected by a great many academic economists, especially in the United States, in favour of what we now call new classical economics. By about 1980, it was hard to find an American academic macroeconomist under the age of 40 who professed to be a Keynesian. That was an astonishing intellectual turnabout in less than a decade, an intellectual revolution for sure.
Alan Blinder