![Broadly speaking, [Keynesianism means] that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences. (John Kenneth Galbraith)](https://cdn.quotesdtb.com/img/quotes_images_webp/38/john-kenneth-galbraith-aggregate-151138.webp)
Broadly speaking, [Keynesianism means] that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences.
John Kenneth GalbraithRelated topics
aggregate basic behavior boom couple course demand economy employment expansion far flow force government great idea power purchasing recession responsibility restraining speaking specific times work means keynes keynesian keynesianismRelated quotes
But further analysis and experience soon raised doubts about the efficacy of these new tools. Empirical research indicated that the Keynesian multiplier was much smaller than earlier analyses had assumed, reduced by a crowding out of interest-sensitive spending caused by an induced increase in the demand for money and by the effect of the larger national debt on long-term interest rates. The leakage of demand through imports and the effect of the fiscal expansion on the exchange rate further reduced the multiplier.
Martin Feldstein
Cultivators of the earth are the most valuable citizens. They are the most vigorous, the most independent, the most virtuous, and they are tied to their country and wedded to its liberty and interests by the most lasting bands. As long therefore as they can find employment in this line, I would not convert them into mariners, artisans, or any thing else. But our citizens will find employment in this line till their numbers, and of course their productions, become too great for the demand both internal and foreign.
Thomas Jefferson
The economy - once a great scatter of small productive units in autonomous balance, has become dominated by two or three hundred giant corporations, administratively and politically interrelated... The political order, once a decentralized set of several dozen states with a weak spinal cord, has become a centralized executive establishment which has taken up into itself many powers previously scattered... The military order, once a slim establishment in a context of distrust fed by state militia, has become the largest and most expensive feature of government.
C. Wright Mills
Although I am still in favour of a National Government in these difficult times, and shall probably be found in the great majority of cases in the Government Lobby, there are some issues that have arisen, or are likely to arise, upon which I am unable to give the Government the support which it has, perhaps, the right to expect from those receiving the Government Whip. It occurs to me, therefore, that it would perhaps be more satisfactory if I was no longer regarded as being among the supporters of the present Administration.
Harold Macmillan
Reading is merely a surrogate for thinking for yourself; it means letting someone else direct your thoughts. Many books, moreover, serve merely to show how many ways there are of being wrong, and how far astray you yourself would go if you followed their guidance. You should read only when your own thoughts dry up, which will of course happen frequently enough even to the best heads; but to banish your own thoughts so as to take up a book is a sin against the holy ghost; it is like deserting untrammeled nature to look at a herbarium or engravings of landscapes.
Arthur Schopenhauer
