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Tuesday, February 10, 2009

We (economists) are NOT all Keynesians

I don't buy the Keynesian story. Although I am not a macro-economist by training, I have read the General Theory and, more importantly, Henry Hazlitt's "The Failure of the 'New' Economics" which does more to explain both what Keynes was trying to say in the General Theory and why what Keynes puts forth is basically nonsense.

It seems my skepticism of Keynesian economics was somewhat shared by Keynes's contemporaries as evidenced by this interesting tidbit from Page 3 of this paper discussing the papers and correspondence of Oskar Morgenstern:
In a similar context, [Frank] Knight writes "What do you think of Keynes's book? I haven't got into it yet, but a couple of friends whom I consider pretty competent judges say outright that Keynes is losing his mind."

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