Thanks to the work of John Maynard Keynes and of Milton Friedman, we now have a better understanding of how governments can (at least in principle) reduce the severity of major economic downturns. Keynesian economics taught us that government spending can raise GDP and reduce unemployment.
Martin FeldsteinRelated topics
economics government john least major now principle raise reduce severity spending teach thanks understanding work keynes milton keynesian friedman unemployment gdpRelated quotes
If the existence of bullshit jobs seems to defy the logic of capitalism, one possible reason for their proliferation might be that the existing system isn't capitalism-or at least, isn't any sort of capitalism that would be recognizable from the works of Adam Smith, Karl Marx, or, for that matter, Ludwig von Mises or Milton Friedman.
David Graeber
When I once called myself a "Sunday painter” dabbling in stochastic finance, that was not meant to belittle finance theory as a branch of serious economic theory. Such a peculiar view was expressed again and again by the late Milton Friedman, a dizzy view that I still find incomprehensible.
Paul Samuelson
Britain is a textbook case of how growing inequality leads to economic crisis. The years before the crash were marked by a sharp rise in remortgaging and the growth of 0% balance transfer credit cards. By 2008 the UK had the highest ratio of household debt to GDP of any major economy.
Frances O'Grady
