Monday, January 19, 2009

Samuelson on Hayek

Barkley Rosser, Jr., has published a piece by Samuelson on Hayek in the current issue of The Journal of Organization and Behavior, as well as an article, by Andrew Farrant and Edward McPhail, about a dispute between Hayek and Samuelson. I here record some thoughts by Samuelson in justifying his tone in an earlier article on Sraffa:
"If a scholar in his ninth decade is to record his considered opinions on an important topic, it had better be a matter not of when but of now... Dr. Samuel Johnson said that being hung in the morning greatly clarifies the mind. Nonsense. It is more likely to paralyze coherent thought. True though that as the days grow shorter, one does dispense with nice diplomancies and ancient jockeyings for victory." -- Paul A. Samuelson, "Sraffa's Hits and Misses", in Critical Essays on Piero Sraffa's Legacy in Economics (edited by Heinz D. Kurz), Cambridge University Press (2000)
Anyway, a number of bloggers have reacted. I noticed Tyler Cowen, Brad DeLong, Peter T. Leeson, Mark Thoma, and Barkley Rosser himself.

The comments sections for these posts is of varying length. I'm in the one on Rosser's co-blog. In discussing Hayek's contribution to the socialist calculation debate on Thoma's blog, Rosser brings up Jean-François Revel's The Totalitarian Temptation. I haven't read this book in decades. I'd have to reread it to see if Revel predicted the fall of the Soviet Union.

I also want to point out Chris Dillow's comments on Keynes' anti-semitism. I don't think much about Sraffa being of Jewish descent; Sraffa angered Mussolini directly anyways, what with his reporting on Italian banking in the December 1922 issue of the Guardian and Sraffa's support for Gramsci. I had known about Keynes' support of Sraffa, including intervention with the British government to obtain his release from internment. Dillow points to documentation of more broad-based support of Keynes for Jewish refugees. (I've previously linked to some other post on that month's discussion on that list.)

1 comment:

Anonymous said...

You Bail Out, We Opt Out.

All of Our Economic Problems Find They Root in the Existence of Credit.

Out of the $5,000,000,000,000 bail out money for the banks, that is $1,000 for every inhabitant of this planet, what is it exactly that WE, The People, got?

If Your Bank Doesn't Pay Back Its Credits, Why Should You Pay Yours? Or Else ...

If the Banks Get 0% Loans, How Come You Don't?

At the Same Time, Everyday, Some of Us Are Losing Our Home or Even Our Jobs.

Credit is Mathematically Inept, Morally Unacceptable.

They Bail Out, We Opt Out

Opting Out Is Both Free and Completely Anonymous.

The Solution: The Credit Free, Free Market Economy.

Is Both Dynamic on the Short Run & Stable on the Long Run, The Only Available Short Run Solution.

I Am, Hence, Leading an Exit Out of Credit:

Let me outline for you my proposed strategy:

Preserve Your Belongings.

The Property Title: Opt Out of Credit.

The Credit Free Money: The Dinar-Shekel AKA The DaSh, Symbol: - .

Asset Transfer: The Right Grant Operation.

A Specific Application of Employment Interest and Money.
[A Tract Intended For my Fellows Economists].

If Risk Free Interest Rates Are at 0.00% Doesn't That Mean That Credit is Worthless?

Since credit based currencies are managed by setting interest rates, on which all control has been lost, are they managed anymore?

We Need, Hence, Cancel All Interest Bearing Debt and Abolish Interest Bearing Credit.

In This Age of Turbulence The People Wants an Exit Out of Credit: An Adventure in a New World Economic Order.

The other option would be to wait till most of the productive assets of the economy get physically destroyed either by war or by rust.

It will be either awfully deadly or dramatically long.

A price none of us can afford to pay.

“The current crisis can be overcome only by developing a sense of common purpose. The alternative to a new international order is chaos.”

- Henry A. Kissinger

They Bail Out, Let's Opt Out!

If You Don't Opt Out Now, Then When Will You?

Let me provide you with a link to my press release for my open letter to Chairman Ben S. Bernanke:

Chairman Ben S. Bernanke, Quantitative [Ooops! I Meant Credit] Easing Can't Work!

Yours Sincerely,

Shalom P. Hamou AKA 'MC-Shalom'
Chief Economist - Master Conductor
1 7 7 6 - Annuit Cœptis
Tel: +972 54 441-7640