I thought about this before, but was reminded of it when reading this daily. This is Friedman’s Time Magazine cover from December 1969:
This is Keynes’ Time Magazine cover from December 1965:
Is it just me, or is there somewhat of a difference?
I thought about this before, but was reminded of it when reading this daily. This is Friedman’s Time Magazine cover from December 1969:
This is Keynes’ Time Magazine cover from December 1965:
Is it just me, or is there somewhat of a difference?
Yes, I see a difference.
Keynes’ picture has an optimistic look, reflecting the optimistic period of postwar expansion. See the $ signs around him, even though he is British. ![]()
Friedman’s picture has a gloomy look, reflecting post-Nixon uncertainty, and the face of a man who looks nice but does not have nice things to say about what is going to happen.
Both pictures perhaps oversimplify and exaggerate the situation. Rapid postwar expansion was a result of resources and labour blocked for so many years into wartime purposes suddenly coming back with speed into civilian consumer use. It was not that big a deal. Fears of recession following rising oil prices were understandable, but still ignore the fact that US as an industrial nation was still weathering such a period with relative smoothness, compared to (obviously) the Third World. Also not a big deal.
So lemme get this straight. Time Magazine printed a picture of Keynes reflecting the “optimistic period of postwar expansion,” 20 years after the war ended. And Friedman’s picture reflects a post-Nixon uncertainty, exactly 11 months after Nixon took office. Got it.
Friedman = scary nerd with one eye
Keynes = friendly grandpa professor with boyish grin