“There is something desperate about the way economists are clinging to their dogeared copies of Keynes’ ‘General Theory.’ Uneasily aware that their discipline almost entirely failed to anticipate the current crisis, they seem to be regressing to macroeconomic childhood, clutching the Keynesian ‘multiplier effect’ — which holds that a dollar spent by the government begets more than a dollar’s worth of additional economic output — like an old teddy bear.”
— Niall Ferguson, February 6, 2009
