The Keynesian-Monetarist Competition over Public Credibility

Abstract

Mainstream economic theories went through an intellectual crisis during the recession that hit Western economies in the late 1970s. Academic debates extended to public media and mass culture, starting with the TV shows led by John Kenneth Galbraith ( The Age of Uncertainty) and Milton Friedman (Free to Choose). Such a translation of ideas and language had a spillover effect on the academic community. The simultaneous pursuit of honors in distinct fields raises the question of the role of economists in the public debate. By shifting the focal point beyond the notions of expertise and public opinion, this article explores the mechanisms of the conquest of the public sphere by experts and intellectuals, and its consequences on the field of economics.