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Hoary Myth Laid to Rest
Great Falls, Va.
In the opening sentence of your November 3 lead editorial, you quoted Richard Nixon as saying, "We are all Keynesians now." In fact, it was economist Milton Friedman who said that. His exact words were, "In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian" (Time magazine, February 4, 1966). What Nixon said in 1971 was slightly different. Following an interview with Howard K. Smith of ABC, Nixon said, "I am now a Keynesian in economics" (New York Times, January 4, 1971).
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