With Keynesian ideas back in fashion amid the current binge of state intervention, I was reminded of one of the great man’s quotes recently upon hearing of a law firm that was struggling to acknowledge the pedestrian fact that it has changed its position on a matter of strategy.
The quote in question came as Keynes, a firm believer that thinking should be continually tested and adjusted against the facts as they become available, was accused of changing his position too often. Unruffled, the economist replied: “When the facts change, I change my mind. What do you do, sir?”
