There is an unearthly, mystical element in Friedman's…
“There is an unearthly, mystical element in Friedman's thought. The mere existence of a stock of money somehow promotes expenditure. But insofar as he offers an intelligible theory, it is made up of elements borrowed from Keynes.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Robinson critiques Friedman, noting his ideas seem otherworldly yet draw heavily on Keynes, especially the notion that money supply spurs spending.
In simple terms: Friedman's ideas feel mystical but borrow from Keynes.
Key Takeaway
Recognize the Keynesian roots in monetary theories.
Themes
economics
monetary theory
critique
intellectual history
Mood
analytical
critical
Type
theoretical
academic
When to use this quote
- academic debate
- policy analysis
- teaching economics
Key Concepts
Keynesianism
monetary policy
theoretical borrowing
Questions to Reflect On
- How does Keynesian thought shape modern monetary policy?
- Can mystical language obscure economic analysis?
A Different Perspective
Friedman's originality may be overstated.