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Milton Friedman on Keynes and the economics profession

There was nothing in these views to repel a student; or to make Keynes attractive. Keynes had nothing to offer those of us who had sat at the feet of Simons, Mints, Knight, and Viner.
Comments on the Critics
Journal article, 1972, Journal of Political Economy, Vol. 80
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  1. Keynes was a great economist. In every discipline, progress comes from people who make hypotheses, most of which turn out to be wrong, but all of which ultimately point to the right answer. Now Keynes, in The General Theory of Employment, Interest and Money, set forth a hypothesis that was a beautiful one, and it really altered the shape of economics. But it turned out that it was a wrong hypothesis. That doesn’t mean that he wasn’t a great man!
    The Romance of Economics
    Interview, 2006, Interview by Tunku Varadarajan, The Wall Street Journal; reprinted in Hoover Digest 2006 No. 4
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  2. The difficulties are real. But they are far from insuperable. They offer a challenge to the men who run the armed forces, not a reason for rejecting a policy that offers so many advantages.
    No Draftees to Vietnam
    Column, 1968, Newsweek (December 30, 1968); reprinted in full in the Congressional Record, Extensions of Remarks, January 16, 1969, pp. 1161 to 1162, introduced by Representative Henry B. Gonzalez as “Mr. Friedman’s column, from the December 30, 1968, issue of Newsweek”, Congressional Record, January 16, 1969, p. 1162
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  3. The Fed is supposedly independent. But, as Dooley said of the Supreme Court, “It follows the election returns.” Its behavior reminds me of nothing so much as the remark attributed to a U.S. Army officer in Vietnam, “We destroyed the village in order to save it.” Similarly, the Fed refrains from using its independence because it is afraid of losing it.
    Why Inflation Persists
    Column, 1977, Newsweek (October 3, 1977); reprinted in full in the Congressional Record, Extensions of Remarks, September 29, 1977, p. 31684, introduced by Representative Parren J. Mitchell of Maryland, who gives it as appearing “in the October 3, 1977, issue of Newsweek”, Congressional Record, September 29, 1977, p. 31684
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