Jennifer Burns

And so what happens then is you could get stuck in a bad equilibrium. So in the neoclassical model, the equilibrium kind of restarts and resets itself. And he says, no, we could get stuck here. We could get stuck in the Depression. And in that case, what has to happen, he says, the government stimulates investment and the government itself invests.

And so what happens then is you could get stuck in a bad equilibrium. So in the neoclassical model, the equilibrium kind of restarts and resets itself. And he says, no, we could get stuck here. We could get stuck in the Depression. And in that case, what has to happen, he says, the government stimulates investment and the government itself invests.

And so what happens then is you could get stuck in a bad equilibrium. So in the neoclassical model, the equilibrium kind of restarts and resets itself. And he says, no, we could get stuck here. We could get stuck in the Depression. And in that case, what has to happen, he says, the government stimulates investment and the government itself invests.

And then he argues that, you know, this is a student of his, Richard Kahn, says, you know, as the government invests a dollar, it has like a multiplier effect. A dollar spent by the government kind of ramifies out throughout the economy. So it takes the government and puts it in the center, as opposed to, say, the banking system or the financial system, which would be the more Friedman analysis.

And then he argues that, you know, this is a student of his, Richard Kahn, says, you know, as the government invests a dollar, it has like a multiplier effect. A dollar spent by the government kind of ramifies out throughout the economy. So it takes the government and puts it in the center, as opposed to, say, the banking system or the financial system, which would be the more Friedman analysis.

And then he argues that, you know, this is a student of his, Richard Kahn, says, you know, as the government invests a dollar, it has like a multiplier effect. A dollar spent by the government kind of ramifies out throughout the economy. So it takes the government and puts it in the center, as opposed to, say, the banking system or the financial system, which would be the more Friedman analysis.

And for many economists... of Friedman's generation. And he's a weird generation because it's the generation that becomes dominant. It's just like four years older, the men who become Keynesian economics. But that four years is really important because they come in to grad school in economics and they get exposed to the new ideas of John Maynard Keynes.

And for many economists... of Friedman's generation. And he's a weird generation because it's the generation that becomes dominant. It's just like four years older, the men who become Keynesian economics. But that four years is really important because they come in to grad school in economics and they get exposed to the new ideas of John Maynard Keynes.

And for many economists... of Friedman's generation. And he's a weird generation because it's the generation that becomes dominant. It's just like four years older, the men who become Keynesian economics. But that four years is really important because they come in to grad school in economics and they get exposed to the new ideas of John Maynard Keynes.

And they, you know, I think it's Paul Samuelson calls it like it was like a South Sea virus that... that attacked all of the younger economists immediately succumbed and like no one under 50 ever got the disease, right? Because their thinking's already set. And so Keynesianism, Keynes himself is very suspicious of math and economics. And he and Friedman, it's fascinating.

And they, you know, I think it's Paul Samuelson calls it like it was like a South Sea virus that... that attacked all of the younger economists immediately succumbed and like no one under 50 ever got the disease, right? Because their thinking's already set. And so Keynesianism, Keynes himself is very suspicious of math and economics. And he and Friedman, it's fascinating.

And they, you know, I think it's Paul Samuelson calls it like it was like a South Sea virus that... that attacked all of the younger economists immediately succumbed and like no one under 50 ever got the disease, right? Because their thinking's already set. And so Keynesianism, Keynes himself is very suspicious of math and economics. And he and Friedman, it's fascinating.

One of the first books by Jan Tengerman, a Dutch economist, to use math and economics, use huge volumes. Volume one, Keynes pans it. Volume two, Friedman pans it. So they're in the same page. But what happens is as Keynesianism arrives in the United States, Franklin Roosevelt is not really a Keynesian. He's kind of an accidental or experimental Keynesian.

One of the first books by Jan Tengerman, a Dutch economist, to use math and economics, use huge volumes. Volume one, Keynes pans it. Volume two, Friedman pans it. So they're in the same page. But what happens is as Keynesianism arrives in the United States, Franklin Roosevelt is not really a Keynesian. He's kind of an accidental or experimental Keynesian.

One of the first books by Jan Tengerman, a Dutch economist, to use math and economics, use huge volumes. Volume one, Keynes pans it. Volume two, Friedman pans it. So they're in the same page. But what happens is as Keynesianism arrives in the United States, Franklin Roosevelt is not really a Keynesian. He's kind of an accidental or experimental Keynesian.

And there's a bunch of different ideas in the United States that are very similar to Keynesianism. They're not theorized, but they're similar ideas that the government has to do something. So this all comes together, and American economists realize that you can construct a models in the Keynesian perspective. And if you can use numbers in these models, you can go to Washington, D.C. with numbers.

And there's a bunch of different ideas in the United States that are very similar to Keynesianism. They're not theorized, but they're similar ideas that the government has to do something. So this all comes together, and American economists realize that you can construct a models in the Keynesian perspective. And if you can use numbers in these models, you can go to Washington, D.C. with numbers.

And there's a bunch of different ideas in the United States that are very similar to Keynesianism. They're not theorized, but they're similar ideas that the government has to do something. So this all comes together, and American economists realize that you can construct a models in the Keynesian perspective. And if you can use numbers in these models, you can go to Washington, D.C. with numbers.

And you seem like you have a lot more authority. And so math becomes really twinned into Keynesian economics.

And you seem like you have a lot more authority. And so math becomes really twinned into Keynesian economics.