Eatwell on the relevance of theory for policy debates, introduced by Arestis. John used to say in class that no debate was ever solved by empirical analysis.
Hat tip to Alejandro Fiorito and Franklin Serrano.
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I enjoyed this video. I like the way Eatwell points out who Keynes is partly responsible for promoting the view that the neoclassical model would hold if it wasn't for certain 'rigidities'. In fact, it was always my reading that Keynes supporting this view (which, I found conflicted with the account of his disciples).
ReplyDeleteThat said, I find it truly unfortunate that Eatwell's final word on Solow's book "The labor market as a social institution" comes across as negative. The book is fantastic, and, I would argue, goes a long way to dismiss the conventional, textbook, view of the labor market. The listener would never know this based on Eatwell's comments. That's too bad.