I believe myself to be writing a book on economic theory which will largely revolutionize not, I suppose, at once but in the course of the next ten years the way the world thinks about economic problems.
- John Maynard Keynes
Letter to George Bernard Shaw, New Year’s Day, 1935.
In the early stages of the Keynesian revolution, macroeconomists emphasized fiscal policy as the most powerful and balanced remedy for demand management. Gradually, shortcomings of fiscal policy became apparent. The shortcomings stem from timing, politics, macroeconomic theory, and the deficit itself.
- Paul A. Samuelson and William D. Nordhaus
Economics, (15th ed., 1995), p. 644.
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