JOHN MAYNARD KEYNES
See {627632} for an earlier advocy of change when circumstances warrant and {636175} for a modern view.
Although this quotation has been cited by many scholars, none has yet given a primary citation. As a result a few researchers question the attribution to Keynes and argue that the first primary source of this notion was the Nobel Laureate in Economics Paul Samuelson -- Quote {645739}. However, even Samuelson attributed this quotation to Keynes although he did not do so at this particualr interview.
This quote is misattributed to Keynes. The first recorded version of this was a 1986 presentation given by Gary Shilling, an influential financial advisor twice named Wall Street’s top economist in a poll conducted by Institutional Investor magazine, as reported by The Advertiser newspaper of Montgomery, Alabama. The next recorded evidence is a Forbes article by Shilling in February, 1993. See linked quote.
John Maynard Keynes, 1st Baron Keynes, CB, FBA (5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics.
