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“In a BBC broadcast in 1934, when he was a year away from finishing The General Theory, Keynes pinpointed the fundamental difference between an approach to the Depression based on frictions and imperfections and an approach based on more fundamental defects in the market system:
'On the one side were those who believe that the existing economics system is, in the long run, a self-adjusting system though with creaks and groans and jerks, and interrupted by time-lags, outside interference and mistakes ...
The strength of the self-adjusting school depends on its having behind it almost the whole body of organized thinking and doctrine of the last hundred years.
If the heretics on the other side of the gulf [among whom Keynes included himself] are to demolish the forces of nineteenth century orthodoxy ... they must attack them in their citadel.”
― Raising Keynes: A Twenty-First-Century General Theory
'On the one side were those who believe that the existing economics system is, in the long run, a self-adjusting system though with creaks and groans and jerks, and interrupted by time-lags, outside interference and mistakes ...
The strength of the self-adjusting school depends on its having behind it almost the whole body of organized thinking and doctrine of the last hundred years.
If the heretics on the other side of the gulf [among whom Keynes included himself] are to demolish the forces of nineteenth century orthodoxy ... they must attack them in their citadel.”
― Raising Keynes: A Twenty-First-Century General Theory
