“We Are All Keynesians Now”: How the Revolution Transformed Our Economy and Culture

  • Victor V. ClaarEmail author
  • Greg Forster


Reviews how the Consumption paradigm gained extensive influence over structures of our economic systems and broader culture. In particular, the chapter examines the role of economists like Milton Friedman and Paul Samuelson in framing what economics is and isn’t for the general public. Through their regular columns in Newsweek, Friedman and Samuelson influenced the way that a generation of Americans came to view economics and also themselves in relation to the economy. What they came away with was a sense that economics was about figuring out the best economic policies to attain goals like full employment, rather than seeing economics as something personal and meaningful. John Kenneth Galbraith had a similar impact through his book The Affluent Society, combining Keynesian economics with trenchant social analysis.


  1. Buchholz, Todd G. 1989. New Ideas from Dead Economists. New York: Plume.Google Scholar
  2. Cross, Danny. 2013. There Are Too Many Types of Toothpaste. CityBeat, December 4.Google Scholar
  3. Ekelund, Robert B., and Robert F. Hébert. 1990. A History of Economic Theory and Method. New York: McGraw-Hill.Google Scholar
  4. Encyclopædia Britannica. 2019. John Kenneth Galbraith. Accessed 21 Jan 2019.
  5. Friedman, Milton. 1968. Why Economists Disagree. In Dollars and Deficits. Englewood Cliffs: Prentice-Hall.Google Scholar
  6. Galbraith, John Kenneth. 1958. The Affluent Society. New York: New American Library.Google Scholar
  7. Galbraith, John Kenneth. 1975. How Keynes Came to America. In Essays on John Maynard Keynes, ed. Milo Keynes, 132–141. Cambridge: Cambridge University Press.Google Scholar
  8. Galbraith, John Kenneth. 1981. A Life in Our Times. New York: Ballantine Books.Google Scholar
  9. Goldin, Claudia, and Cecilia Rouse. 2000. Orchestrating Impartiality. American Economic Review 90: 715–741.CrossRefGoogle Scholar
  10. Keynes, John Maynard. 1931. Essays in Persuasion. London: Macmillan.Google Scholar
  11. Mata, Tiago. 2011. Trust in Independence. Journal of the History of Behavioral Sciences 47: 359–379.Google Scholar
  12. Mata, Tiago. 2015. Milton Friedman and Paul Samuelson, Columnists of Newsweek. Journal of the History of Economic Thought, forthcoming; working paper manuscript dated April 15, 2015. Accessed 21 Jan 2019.
  13. New Yorker. 1974. Cartoon. November 18.Google Scholar
  14. Stein, Herbert. 1969. The Fiscal Revolution in America. Chicago: University of Chicago Press.Google Scholar
  15. Time. 1965. We Are All Keynesians Now. December 31.Google Scholar
  16. Time. 1966. Letters. February 4.Google Scholar
  17. Time Cover Store. 2019. Accessed 21 Jan 2019.
  18. Wapshott, Nicholas. 2011. Keynes Hayek. New York: W. W. Norton.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.Florida Gulf Coast UniversityFort MyersUSA
  2. 2.Trinity International UniversityDeerfieldUSA

Personalised recommendations