Borrowed Quote by Joan Robinson
“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
Source Book: Essays in Monetary Theory by Joan Robinson, 1942
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.
![“In the last chapter of the /General Theory, /quoted above,^35 he [Keynes] falls into the fallacy of supposing that there is some kind of /neutral /policy that a Government can pursue, to maintain effective demand in general, without having any influence upon any particular demand for anything. The…” quote by Joan Robinson](https://sms4smile.com/quotes/img-quotes/acb/joan-robinson-11438_effective-demand_in-the-last-chapter-of-the-general-theor_783949.jpg)
![“In some ways the most striking novelty in Keynesian doctrine was that (abstracting from effects on foreign trade) an all-round reduction in wages would not reduce unemployment and (introducing Kalecki’s elaboration) would actually be likely to increase it. [p. 129]” quote by Joan Robinson](https://sms4smile.com/quotes/img-quotes/e9b/joan-robinson-11438_keynes_in-some-ways-the-most-striking-novelty-i_628471.jpg)
![“The very nature of economics is rooted in nationalism. ... It [was] developed ... in the hope of throwing light upon questions of policy. But policy means nothing unless there is an authority to carry it out, and authorities are national.” quote by Joan Robinson](https://sms4smile.com/quotes/img-quotes/eba/joan-robinson-11438_authority_the-very-nature-of-economics-is-rooted-i_15974.jpg)
