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The Rivals

Paul Samuelson and Milton Friedman arrive at the University of Chicago – in 1932

Posted in 2007-08 Financial Crisis, History of economics Tagged with: , , , , , , , , ,

When Keynes died, in April 1946, The Times of London gave him the best farewell since Nelson after Trafalgar: “To find an economist of comparable influence one would have to go back to Adam Smith.” A few years later, Alvin Hansen, of Harvard University, Keynes’ leading disciple in the United States, wrote , “It may be a little too early to claim that, along with Darwin’s Origin of Species and Marx’s Capital, The General Theory is one of the most significant book which have appeared in the last hundred years. … But… it continues to gain in importance.” In fact,