Keynesian dominance gave way to Friedman’s influence in economics

Evidence

Even John Kenneth Galbraith would eventually admit that in “the history of economics the age of John Maynard Keynes gave way to the age of Milton Friedman.” To write the history of Milton Friedman is to attempt to situate a point of origin for a dramatic pro cess of social and ideological change. — Angus Burgin, The Great Persuasion, 392

Categorization

• XREF: connects to: Key Austrian works failed commercially while Keynesianism dominated economics — Mark Blyth, Austerity: The History of a Dangerous…, 384; The 1973 oil crisis triggered a resounding defeat of Keynesian economics — Aris Komporozos-Athanasiou, Speculative Communities: Living with…, 107; Friedman’s rhetorical gifts made him uniquely persuasive among economists — Angus Burgin, The Great Persuasion: Reinventing Free…, 470 (+4 more)

Broader Connections

• Monetarism displaced Keynesianism through a staged diffusion across elite institutions #expands (0.90)
• 1970s stagflation discredited Keynesian demand management and empowered monetarism #expands (0.85) — Donald MacKenzie, An Engine, Not a Camera, 47
• Friedman’s influence grew from applying one analytic toolkit to many policy proposals #expands (0.80) — Angus Burgin, The Great Persuasion, 465