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March 21, 2008
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Milton Friedman wallpaper by toolshed333 Milton Friedman wallpaper by toolshed333
"The history of economic thought in the twentieth century is a bit like the history of Christianity in the sixteenth century. Until John Maynard Keynes published The General Theory of Employment, Interest, and Money in 1936, economics—at least in the English-speaking world—was completely dominated by free-market orthodoxy. Heresies would occasionally pop up, but they were always suppressed. Classical economics, wrote Keynes in 1936, "conquered England as completely as the Holy Inquisition conquered Spain." And classical economics said that the answer to almost all problems was to let the forces of supply and demand do their job.

But classical economics offered neither explanations nor solutions for the Great Depression. By the middle of the 1930s, the challenges to orthodoxy could no longer be contained. Keynes played the role of Martin Luther, providing the intellectual rigor needed to make heresy respectable. Although Keynes was by no means a leftist—he came to save capitalism, not to bury it—his theory said that free markets could not be counted on to provide full employment, creating a new rationale for large-scale government intervention in the economy.

Keynesianism was a great reformation of economic thought. It was followed, inevitably, by a counter-reformation. A number of economists played important roles in the great revival of classical economics between 1950 and 2000, but none was as influential as Milton Friedman. If Keynes was Luther, Friedman was Ignatius of Loyola, founder of the Jesuits. And like the Jesuits, Friedman's followers have acted as a sort of disciplined army of the faithful, spearheading a broad, but incomplete, rollback of Keynesian heresy. By the century's end, classical economics had regained much though by no means all of its former dominion, and Friedman deserves much of the credit."

---Paul Krugman

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ShinigamiKant Nov 30, 2013  Hobbyist General Artist
Truly inspiring.
joshthecartoonguy Aug 19, 2012  Student Traditional Artist
How'd Krugman get from writing that to being a yesman for Obama? Watching Friedman's Free to Choose and it is excellent.
jeannefrancoise Sep 12, 2011  Hobbyist General Artist
Wonderful. Awesome. Fantastic. Great.
Excellent wallpaper. As a free market capitalist, I have a deep respect for Milton Friedman.
I just got "The Machinery of Freedom" by his son.
HatesXFury Jul 30, 2009
I highly admire Milton Friedman. Recently though, I find myself leaning more towards Murray Rothbard.
It is a natural progression for libertarians to move closer and closer to anarchism/autarchy, so it doesn't surprise me that you'd say that. Murray Rothbard was a great intellectual titan...RIP to both these economists.
HatesXFury Aug 4, 2009
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