I think you are mostly correct.
Keynesian economics has been largely replaced as the dogma of our age by the economic faith of
Friedrich Hayek.
Keynesian economics is the system that helped bring us out of the GREAT depression, but it lost favor in the last thirty years or so, as the Great Society's excesses were finally recognized as something less than great.
Both, of course, favor capitalism as the preferred economic system for generating wealth, but they differ greatly as to the degree which we should give our government power to mitigate the inevitable outcome of laisse faire economics.
Both schools of economics have vaid points to make about how mankind can forge the society's economy in relation to the power it gives governments.
The pendulum of ideas swings back and forth between the right of property V. the rights of society to protect itself from the excesses of property rights.
Swing too far in either direction and the outcome is totalitarianism, either of the government of insiders , or of insiders of the monied class.
We will never find exactly the right balance, of course, because times change and with those changes comes new stresses on the system.
That is EXACTLY why we need supporters who lean toward both schools of thought.
Clearly there are times when having a more laisse fare system will serve us better than having a more restricted capitalism.
Clearly also, there are times when it serves us better to give government greater control over our society.
Balance, folks.
Finding the right balance of freedom for the individual in relation to the needs of the society to check those freedoms is always going to be what each generation faces.
For those of you who are just now entering the fray, welcome.
For those of us who have witnessed the latest change of balance from Keynesian to Hayekian schools of though, remember how niave we once were about liberalism and Keynesian economics.
Remember that we too thought we had all the answers, and remember, too that we often thought that anyone who disagreed was basically a fascist scrooge, just as we are now so often accused of being socialists or communists.