tag:blogger.com,1999:blog-26706564.post3306160963306173912..comments2024-03-25T07:51:47.758-04:00Comments on Thoughts On Economics: On John Maynard KeynesRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-26706564.post-76612476508782135382008-12-02T04:36:00.000-05:002008-12-02T04:36:00.000-05:00of course, if Austrian theory of the business cycl...of course, if Austrian theory of the business cycle is so strong then Hayek would not have lost the business cycle debates of the 1930s...<BR/><BR/>So it is hard to take criticism of Keynes seriously without discussing Kaldor and Sraffa and their critiques of von Hayek. <BR/><BR/>Equally, talking about von Hayek and inflation without mentioning that Joan Robinson (in 1943!) noted that inflation would become a problem due to the erosion of workplace discipline due to full employment seems strange.<BR/><BR/>Robinson was right in that Keynes did not break sufficiently from the neo-classical tradition, making it easy for the "Keynesianism" of the post-war period to flourish.<BR/><BR/>I'm hoping that the current crisis will allow post-Keynesian economics to become mainstream. Give how badly the orthodoxy has worked so far, it suggests that, as in the 1930s, lessons could be learned and progress main. <BR/><BR/>Who knows, maybe economics will become more like a science?<BR/><BR/>Iain<BR/><A HREF="http://www.anarchistfaq.org.uk" REL="nofollow">An Anarchist FAQ</A>Anonymousnoreply@blogger.com