Shop Mobile More Submit  Join Login
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

Photo Link: [link]
Add a Comment:
ShinigamiKant Featured By Owner Nov 30, 2013  Hobbyist General Artist
Truly inspiring.
wordsworthsparkle Featured By Owner Aug 24, 2015
it is :)
joshthecartoonguy Featured By Owner 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.
millenia89 Featured By Owner Jun 13, 2012
Love it.
jeannefrancoise Featured By Owner Sep 12, 2011  Hobbyist General Artist
Wonderful. Awesome. Fantastic. Great.
ThePlumber702 Featured By Owner Dec 18, 2010
Incredible sir
infinite9 Featured By Owner Oct 4, 2010
Excellent wallpaper. As a free market capitalist, I have a deep respect for Milton Friedman.
simpsonsfan163 Featured By Owner Jan 11, 2010
I just got "The Machinery of Freedom" by his son.
HatesXFury Featured By Owner Jul 30, 2009
I highly admire Milton Friedman. Recently though, I find myself leaning more towards Murray Rothbard.
toolshed333 Featured By Owner Aug 3, 2009
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 Featured By Owner Aug 4, 2009
TedShatner10 Featured By Owner Jul 13, 2009
Neo-Liberalism put into effect has eroded the security of jobs, decreased the number and quality of jobs, and dispensed with manufacturing. It has induced the banking and property companies into being blindingly voracious, unsustainable, and (ultimately) self-destructive. It has turned intellectual property protection from a tool useful in small doses into a corporate version of the Inquisition that needlessly criminalized millions of consumers, seized up a lot of vital innovation, and rendered vast swaths of useful material unusable (from old music up to cancer treatment).

If America carries on being a paranoiac anti-socialist it will perhaps be reduced to a comparatively impoverished third rate power like Brazil or Argentina within half a century.
toolshed333 Featured By Owner Jul 13, 2009
since when has neo-liberalism been in practice in the real world. please give an example. i think you will find there are none, if you are honest to the definition of what defines neo-liberalism.

argentina and brazil are poor because they do not respect the individual rights of their citizens to participate fully in economic activities.
bluessaurus Featured By Owner Mar 27, 2009  Hobbyist Traditional Artist
"The poor have sometimes objected to being governed badly; the rich have always objected to being governed at all".
(G. K. Chesterton)
Daetck Featured By Owner Oct 31, 2008
FieldsOfFire Featured By Owner Jul 16, 2008
I believe that classical economics is largely a scam operation. Because the GDP does not account for the differences between social negatives and positives, it is an inaccurate measure of progress. Consider, every murder, abortion, divorce, or natural disaster creates money and the economy "gains". Also, classical economics assumes that people behave rationally under any circumstances, and always are informed enough to make the rational choice. Neither are true, and the fact that classical economics cannot account for random variables like this makes it a sterile science, with little or no connection to the real world.

Also, freedom does not equal happiness. True freedom is anarchy, and anarchy leads to the subjugation of the weak by the strong.
toolshed333 Featured By Owner Jul 17, 2008
Classical economics never claimed to be perfection. What it claims is to be better than any other system of economic thinking. In any system you will have murder, abortion, divorce, or natural disaster. You can't escape those things. But with free markets you can create better opportunities and incentive structures for society to prosper. You can use empirical analysis and show in a meaningful way that economic freedom promotes prosperity in society. Do you know what regression analysis is? You can run regressions using indexes of economic freedom and such data points as infant mortality, poverty rates, unemployment, etc. and mathematically show that economic freedom creates lower levels of all those things. Classical economics is not only theoretical, it relies heavily on empiricism i.e. real world data.

Freedom does not equal happiness sure. But happiness levels tend to be higher for countries higher up on any index of economic freedom. This trend can be shown again using empirical analysis.

P.S. Classical economists don't believe in anarchy. They believe the government should still have a role to play defending its people from foreign and domestic threats, and provide a rule of law.

Thank you for your opinion. I enjoy hearing what other people around the world believe.
mccloaker Featured By Owner Jun 4, 2008
A truly great analyst and economist. Without him, we are left to defend ourselves as best we can against the Krugmans of the world. How long can we hold out? Alan Greenspan isn't getting any younger.
toolshed333 Featured By Owner Jun 5, 2008
Thank you for your comment. I'm glad there are others out there on deviant art that believe in capitalism and freedom.
Add a Comment:


Submitted on
March 21, 2008
Image Size
99.2 KB


22 (who?)