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Keynes Vs Friedman: Who Was The Most Influential Economist?


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People say Keynes was lucky to die when he did...if he had lived long enough to witness how his ideas were mutilated and implemented, he'd hang his head in frustration. On the other hand, Friedman has no such excuse. He was alive the entire time Reagan decided to borrow and spend real wages away, all the while continuing with the free market narrative. Friedman provided the academic face to allow Reagan to get away with this plunder.

Truth is, neither was influential in the sense that their ideologies have been followed with any accuracy.

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All economists are fraudsters and con men. There are simply too many variables to model what they are pleased to call 'the economy'. If the Met office have to buy the most powerful computers to forecast a week ahead, the idea that any budget/forecast/theory looking ahead a year in the financial world are worth a monkey's fart is ludicrous. Even with hindsight they can't model historic performance so decisions taken on forecasts are clearly bound to be wrong almost every time - with the occasional fluke that makes them continue to play the game and con all those stupid enough to believe they have any expertise beyond guesses.

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  • 5 months later...
Guest UK Debt Slave

Keynes was the most influential economist of the 20th century I'd say, because Keynesian economic theory is the cornerstone of socialist economic theory. The LSE, the premier educational establishment in the UK for teaching economics was founded by the Fabian Society to promote socialist economic theory.

That's not to say that I agree with his turn of events because I detest socialism and Keynesian economic theory is junk science. Most economic theory is. There isn't really any economic theory that isn't isn't severly compromised by the fact that we live on a finite planet, with finite resources and global overpopulation. Add to that, most of the resources on the planet today, including control over the entire global systems of credit, are controlled by a very small clique of immensely powerful people.

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