In 1965, Milton Friedman was quoted by Time magazine for saying “We are all Keynesians now,” referring to how pervasive the thoughts of economist John Maynard Keynes had become in society and economics. Known as the founding father of macroeconomics, Keynes’s economic thought changed the way economics is approached, for better or for worse. How did his economic thought become so dominant and where has it left us? Victor Claar, professor of economics at Florida Gulf Coast University, explains. Afterwards, Acton’s Dan Hugger joins the podcast to break down the life and thought of Lord Acton. John Emerich Edward Dalberg-Acton, the namesake of the Acton Institute, is known most for his quote about power, that “power tends to corrupt and absolute power corrupts absolutely.” How did Acton become the historian and “magistrate of history” that he’s known as today?
Check out additional resources for this episode:
The Keynesian Revolution And Our Empty Economy: We’re All Dead – Book Review
The Keynesian Revolution and Our Empty Economy: We’re All Dead by Victor Claar
The Profoundly anti-Keynesian Political Economy of Wilhelm Röpke
Every politician is Andrew Yang
Lord Acton: Historical and Moral Essays
Audio: Russell Kirk on Lord Acton’s approach to liberty and revolution
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