tag:blogger.com,1999:blog-8595404115121834255.post5058264668285996450..comments2024-03-28T03:24:05.678-04:00Comments on NAKED KEYNESIANISM: In the long run we are NOT all deadMatias Vernengohttp://www.blogger.com/profile/09521604894748538215noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-8595404115121834255.post-86163987791645888722013-05-16T17:03:28.781-04:002013-05-16T17:03:28.781-04:00I'll leave the discussion about economic laws ...I'll leave the discussion about economic laws for a post, but I would suggest that Keynes actually (contrary to what most think) had a more sophisticated view of history than is usually accepted. James Crotty has a very nice paper on Keynes' views on history. Note that he suggested that the world of the classical gold standard had collapsed, and the sort of liberalism (free trade) didn't work anymore given the new historical circumstances. Not very different from say Eichengreen's notion that in a world with governments responsive to the popular pressure the gold standard would fail. <br /><br />The other part, your value judgment on whether his theories improved or not (in my view certainly the latter, since he got rid of Say's Law, which is illogical and has no empirical support) does not affect the argument that Ferguson has no clue about the meaning of Keynes' phrase.Matias Vernengohttps://www.blogger.com/profile/09521604894748538215noreply@blogger.comtag:blogger.com,1999:blog-8595404115121834255.post-20828951652406076482013-05-14T13:37:09.344-04:002013-05-14T13:37:09.344-04:00Except economic laws didn't change as Keynes c...Except economic laws didn't change as Keynes changed his mind.<br /><br />It was any facts of economic science that served as an impetus for him to change his mind, it was theory. His theory got worse over time.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8595404115121834255.post-1751366217054406662013-05-06T15:31:18.677-04:002013-05-06T15:31:18.677-04:00Very good post.
This happens when people, like ou...Very good post.<br /><br />This happens when people, like our ever so witty Ferguson, do not read the author they intend to criticize: for them, to pick one sentence is enough.<br /><br />But we've have talked about this before...Magpiehttps://www.blogger.com/profile/07528637318288802178noreply@blogger.comtag:blogger.com,1999:blog-8595404115121834255.post-78310377885417700422013-05-06T12:09:58.331-04:002013-05-06T12:09:58.331-04:00Hi Will. Thanks! Yes, he famously said that when h...Hi Will. Thanks! Yes, he famously said that when he was wrong he changed his mind, and asked his debater what did he do. Note that right after the GT, when confronted with evidence of pro-cyclical real wages, he abandoned the analysis of chapter 2, and suggested that Kalecki's model would be the correct one. Matias Vernengohttps://www.blogger.com/profile/09521604894748538215noreply@blogger.comtag:blogger.com,1999:blog-8595404115121834255.post-17510620035621557262013-05-05T23:55:58.022-04:002013-05-05T23:55:58.022-04:00Excellent post. I'll confess that I snickered ...Excellent post. I'll confess that I snickered at the cartoon. <br /><br />It's remarkable to me how much Keynes revised his thinking. Having already given widely publicized policy advice based on Marshallian/quantity theory ideas, he was unashamed about allowing -- sometimes implicitly, sometimes outright -- that these ideas had been rot. He even was willing to pull a u-turn on the free trade question.Willhttps://www.blogger.com/profile/14943136764424893492noreply@blogger.com