There has been a bit of a resurgence in interest in Mr Keyne’s recently. There was a brief article in Time a few weekd back on this. I liked the quote from Robert Lucas, perhaps the most important economist since Keynes and certainly NOT a Keynesian: “I guess everyone is a Keynesian in a foxhole”.

Also interesting was that it cleared up what I’d heard before but wasn’t sure about. It was Miton Friedman, the reason there is a ‘perhaps’ in the above sentence, who said ‘We are all Keynesians now’ not Nixon.

…A few pages later came the now famous quote from economist Milton Friedman: “We are all Keynesians now.” Friedman later objected that it was taken out of context–all he meant was that everybody used Keynesian language and concepts. But the phrase stuck. It’s often attributed these days to Republican President Richard Nixon, but what Nixon actually said, in 1971, was the less expansive “I am now a Keynesian.” …