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.
Read more about this topic: We Are All Keynesians Now
Famous quotes containing the words history of the, history of, history and/or phrase:
“The history of the Victorian Age will never be written: we know too much about it.”
—Lytton Strachey (1880–1932)
“The history of work has been, in part, the history of the worker’s body. Production depended on what the body could accomplish with strength and skill. Techniques that improve output have been driven by a general desire to decrease the pain of labor as well as by employers’ intentions to escape dependency upon that knowledge which only the sentient laboring body could provide.”
—Shoshana Zuboff (b. 1951)
“It is true that this man was nothing but an elemental force in motion, directed and rendered more effective by extreme cunning and by a relentless tactical clairvoyance .... Hitler was history in its purest form.”
—Albert Camus (1913–1960)
“If this phrase of the “balance of power” is to be always an argument for war, the pretext for war will never be wanting, and peace can never be secure.”
—John Bright (1811–1889)