--- title: "Meaning & Key Takeaway of: There is an unearthly, mystical element…" description: "\"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 o..." image: "https://sms4smile.com/quotes/i/089/joan-robinson-11438_borrowed_there-is-an-unearthly-mystical-element-i_1368971.jpg" --- # 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.” quote by Joan Robinson](https://sms4smile.com/quotes/i/089/joan-robinson-11438_borrowed_there-is-an-unearthly-mystical-element-i_1368971.jpg) [Download](https://sms4smile.com/quotes/i/089/joan-robinson-11438_borrowed_there-is-an-unearthly-mystical-element-i_1368971.jpg) [Open image](https://sms4smile.com/quotes/i/089/joan-robinson-11438_borrowed_there-is-an-unearthly-mystical-element-i_1368971.jpg) > “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.” [Joan Robinson](https://sms4smile.com/quotes/author/joan-robinson/) ## 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. ★ ★ ★ ★ ★ No ratings yet [Elements](https://sms4smile.com/quotes/about/elements/) [Existence](https://sms4smile.com/quotes/about/existence/) [Life](https://sms4smile.com/quotes/about/life/) [Money](https://sms4smile.com/quotes/about/money/) [Mystical](https://sms4smile.com/quotes/about/mystical/) ## Related quotes > [It is impossible to add the stock of money to the flow of saving.](https://sms4smile.com/quotes/joan-robinson/it-is-impossible-to-add-the-stock-of-money-to-the-flow-of-saving/) [Joan Robinson](https://sms4smile.com/quotes/author/joan-robinson/) > [“Chase the story behind the stock, not the money on the table. 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Keynes opposed conscription, but he was not a…](https://sms4smile.com/quotes/mancur-olson/wicksell-s-old-fashioned-liberalism-is-reminiscent-of-john-maynard/) [Mancur Olson](https://sms4smile.com/quotes/author/mancur-olson/) > [“Economists who simply advised leaving the economy alone, governments whose first instincts, apart from protecting the gold standard by deflationary policies, was to stick…](https://sms4smile.com/quotes/eric-j-hobsbawm/economists-who-simply-advised-leaving-the-economy-alone-governments/) Eric J. Hobsbawm > [The major reason for Keynes's rejection of communism was simply that he could scarcely identify with the grubby proletariat.](https://sms4smile.com/quotes/murray-rothbard/the-major-reason-for-keynes-s-rejection-of-communism-was-simply-that/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [“Keynes died in 1946, exhausted by his wartime efforts. But he had long since demonstrated that neither capitalism nor liberalism would survive very long…](https://sms4smile.com/quotes/tony-judt/keynes-died-in-1946-exhausted-by-his-wartime-efforts-but-he-had-long/) [Tony Judt](https://sms4smile.com/quotes/author/tony-judt/) ## More by Joan Robinson > [ The very nature of economics is rooted in nationalism. ... 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Absolute misery grows while wealth increases.](https://sms4smile.com/quotes/joan-robinson/not-only-subjective-poverty-is-never-overcome-by-growth-but-absolute/) [Joan Robinson](https://sms4smile.com/quotes/author/joan-robinson/) > [Reality is never a golden age.](https://sms4smile.com/quotes/joan-robinson/reality-is-never-a-golden-age/) [Joan Robinson](https://sms4smile.com/quotes/author/joan-robinson/) > [“After the war, when the problem of deficient effective demand seemed to have faded into the background, a fresh question came to the fore…](https://sms4smile.com/quotes/joan-robinson/after-the-war-when-the-problem-of-deficient-effective-demand-seemed/) [Joan Robinson](https://sms4smile.com/quotes/author/joan-robinson/) > [In all the talk in the Principles (as opposed to the formal analysis) it is not the saving of rentiers but the energy of…](https://sms4smile.com/quotes/joan-robinson/in-all-the-talk-in-the-principles-as-opposed-to-the-formal-analysis/) [Joan Robinson](https://sms4smile.com/quotes/author/joan-robinson/) > [I do not regard the Keynesian revolution as a great intellectual triumph. On the contrary, it was a tragedy because it came so late.…](https://sms4smile.com/quotes/joan-robinson/i-do-not-regard-the-keynesian-revolution-as-a-great-intellectual/) [Joan Robinson](https://sms4smile.com/quotes/author/joan-robinson/) > [The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being…](https://sms4smile.com/quotes/joan-robinson/the-purpose-of-studying-economics-is-not-to-acquire-a-set-of-ready/) [Joan Robinson](https://sms4smile.com/quotes/author/joan-robinson/) [Explore all 60 Joan Robinson quotes ](https://sms4smile.com/quotes/author/joan-robinson/) ## More Borrowed quotes > [I love awards, especially if I get them. 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