Zach Carter has an appreciation of Joan Robinson's work on imperfect competition, with a bit about the role of Cambridge circus in helping Keynes write the General Theory. Paul Krugman, gatekeeper, reacts:
"Nice appreciaton of Joan Robinson, although no mention of her later role. Sad to say, as a student I mainly encountered her through the 'Cambridge capital controversy', a huge intellectual muddle. Somehow Robinson and others managed to convince themselves that the moral legitimancy of capitalism rested on the existence of a well-defined measure of 'capital' that had a well-defined marginal product. What followed was a tortured debate that illuminated nothing much, and eventually just faded away. Oh well. But Zach Carter is right: we value thinkers for their best work, not their detours, and Robinson made a huge contribution." -- Paul Krugman, 25 April 2021
In my work trying to extend the CCC, I usually jump into the middle. I probably have a summary years ago for the beginner, but I cannot find such. Quickly looking, I find these posts:
- Quotations from some experts on the CCC
- A sophisticate neoclassical response to the CCC
- Why do mainstream economists not make more out of the CCC?
- Fields impacted by the CCC
- Catalog of neoclassical responses to the CCC
- Textbook recommendations (I have longer lists in some other posts, I think.)
Somebody coming here from Twitter who does not pay attention to academic economics might not find these too helpful. I write hardly anything at all about the 'moral legitimancy of capitalism'.
Posts
8 comments:
MMT economist and co-founder Bill Mitchell put up part 1 of a 2 part post on CCC today, attempting to explain it for non-economists.
The Cambridge Controversy – a fundamental refutation of orthodox economic theory – Part 1
Hi, Robert! Maybe you know this, but austrian economist from «Meng-hu» blog did review an your paper «Some Capital-Theoretic Fallacies in Garrison’s Exposition of Austrian Business Cycle Theory», where, sound, debunked your opinion. May you, please, comment on this, can make a reply post/an article, or give an indication of where you have already done this or other economists have done it. Thank you very much in advance!
Actually there has been some exchanges recently between Sraffians and Austrians on ABCT.
https://link.springer.com/article/10.1007/s11138-019-0432-0
https://link.springer.com/article/10.1007/s11138-019-00460-1
https://link.springer.com/article/10.1007/s11138-019-00467-8
PS: Personally what I prefer is the Von Weizsäcker’s approach.
https://www.elgaronline.com/view/journals/ejeep/17-2/ejeep.2020.02.10.xml
Tom, Thanks. I link Bill Mitchell's two part series in the next post.
I find this Meng Hu post too unfocused and incoherent to bother with.
I like that Saverio Fratini, in arguing with Peter Lewin and Nicolas Cachanosky, cites only mainstream literature on price theory. In some sense, there is (or should be) nothing heterodox about accepting the existence of reswitching.
Von Weizsäcker in his last paper presents an interesting neoAustrian theory with a reformulation of what Wicksell Effects mean in that framework. There was some exchange between Schefold and von Weizsäcker on 2019 running in parallel to the Fratini exchange.
https://link.springer.com/article/10.1007/s41025-019-00156-1
https://link.springer.com/article/10.1007/s41025-019-00160-5
https://link.springer.com/article/10.1007/s41025-019-00161-4
This debate came from the panel held at the FFM2018 on the CCC.
https://www.youtube.com/watch?v=bryC6JVxreA
https://www.youtube.com/watch?v=auUVJ37Pxp8
https://www.youtube.com/watch?v=g9TY0ZqKdq4
From that Conference had we the next issue that will be Open Access on mid 2022 where we very good explanation on what Wicksell Efeckte mean in english.
https://www.elgaronline.com/view/journals/ejeep/17-2/ejeep.2020.17.issue-2.xml
That conference on 2018 gave birth to a book presentation on 2019 where Krämer and von Weizsäcker use his neoAustrian approach to analyse the new paradigm of functional finance for the 21st Century.
https://www.youtube.com/watch?v=hr1lTbuak_k
I link to the book in its german edition.
https://www.springer.com/de/book/9783658277017#reviews
and also to the annexed material/Zusatzmaterial that contains a manuscript in english on the theoretical aproach followed.
http://www.springer.com/cda/content/document/cda_downloaddocument/Zusatzmaterial.zip?SGWID=0-0-45-1659415-p183515373
A english language version will came up in July 21.
https://www.springer.com/gp/book/9783030750305#reviews
There is some recent advanced advertisement on the book that I like. Specially the topic of a thermodynamical limit to roundaboutness of production...with its similarity to the OCC.
https://upload.disroot.org/r/SqFVhWUn#hM+kP36PNHgIerjBW+T5vfG4o+LboABrZB4Y+NRVaVY=
https://upload.disroot.org/r/SqFVhWUn#hM+kP36PNHgIerjBW+T5vfG4o+LboABrZB4Y+NRVaVY=
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