We Are All Keynesians Now - History of The Phrase

History of The Phrase

The phrase was first attributed to Milton Friedman in the December 31, 1965, edition of Time magazine. In the February 4, 1966, edition, Friedman wrote a letter clarifying that his original statement had been "In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian."

In 1971, after taking the United States off the gold standard, Nixon was quoted as saying "I am now a Keynesian in economics", which became popularly associated with Friedman's phrase.

In 2002, Peter Mandelson wrote an article in The Times declaring "we are all Thatcherites now", referring to the acceptance among the other political parties of Margaret Thatcher's economic policies.

The phrase gained new life in the midst of the global financial crisis of 2008, when economists called for massive investment in infrastructure and job creation as a means of economic stimulation.

After the 2012 Republican Iowa caucuses, Congressman Ron Paul (R-TX) publicly declared "We are all Austrians now," a play on his staunch support for fiscal conservatism and laissez faire economics and their rising popularity in the Republican Party.