With the Keynesian view ascendant, conservatives like Schumpeter had a choice: admit that they were wrong (or at least accommodate themselves to the new ideas that seemed to fit the facts better than the old ones) or find something else to talk about. Schumpeter chose the latter path, and so he spoke about the death of saving, the end of family virtue, and the triumph of bureaucracy. His own retreat was emblematic of the retreat of austerity as a serious intellectual argument among the economic mainstream of Anglo-American countries.

Mark Blyth, Austerity, loc. 352