Hi Ray, I think the site is still under construction, so more bios may come as fast as they can get someone (students?) to write them. If you want to see something really strange, go to http://cepa.newschool.edu/het/profiles/image/benthead.jpg . There you will see a picture of Jeremy Bentham's embalmed body. Bentham died in 1832, and via his will, had himself embalmed and put on display at University College London, which he founded. He's still there, keeping an eye on things. A truly wierd man! Must have been an economist!
Ed Ed Weick 577 Melbourne Ave. Ottawa, ON, K2A 1W7 Canada Phone (613) 728 4630 Fax (613) 728 9382 ----- Original Message ----- From: "Ray Evans Harrell" <[EMAIL PROTECTED]> To: "Ed Weick" <[EMAIL PROTECTED]>; <[EMAIL PROTECTED]>; <[EMAIL PROTECTED]> Cc: <[EMAIL PROTECTED]>; <[EMAIL PROTECTED]> Sent: Thursday, October 31, 2002 2:48 PM Subject: Re: Last words? ( was Re: Moral hazard (was Re: Or poorer Thanks Ed, This is a terrific site. My only complaint is that they don't provide Bios for everyone. Henry George and William Baumol for example. Perhaps Harry could remedy this for George since Baumol is represented at his own site and at NYU. There is, however, an excellent bio of William Stanley Jevons who had a lot to do with the mess my profession is in with the neo-classic economists these days. Would that the economists knew as much about music and the history of music as I know about them. Ray ----- Original Message ----- From: "Ed Weick" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]>; <[EMAIL PROTECTED]> Cc: <[EMAIL PROTECTED]>; <[EMAIL PROTECTED]> Sent: Friday, November 01, 2002 9:58 AM Subject: Re: Last words? ( was Re: Moral hazard (was Re: Or poorer > Anyone who wants to know something about just about any economist who ever > lived might try: > > http://cepa.newschool.edu/het/alphabet.htm#ilet > > Most notable among the missing is one J. Iscariot, the first person on > record to have placed a value on human life. > > Ed > > Ed Weick > 577 Melbourne Ave. > Ottawa, ON, K2A 1W7 > Canada > Phone (613) 728 4630 > Fax (613) 728 9382 > > > > There is lots on Keynes on the web. Here is one bit of info. > > > > ===================================== > > > > > > John Maynard Keynes is unquestionably the major figure in twentieth- > century > > economics. His reputation does not rest solely on the General Theory of > > Employment, Interest and Money (1936), which initiated the so-called > > Keynesian Revolution, but also on his other writings, most notably A > > Treatise on Probability (1921) and A Treatise on Money (1930). > > > > He lived life to the full, not only as an economist and statesman, but > also > > as a journalist, art collector, bibliophile, and patron of the arts. > > > > His criticism of the peace treaty of Versailles (1919) with Germany in The > > Economic Consequences of the Peace (1919) made him famous overnight and > > effectively undermined public support for the treaty. > > > > During the crises of the 1920s he came increasingly to identify > conservative > > economic policies as the cause of Britain's economic problems. From this > > beginning, he developed a new theory of income determination, grounded in > > the concept of the 'consumption function', the 'liquidity preference > theory > > of interest', and the inflexibility of money wages. > > > > The unemployment crises inspired his two great works, A Treatise on Money > , > > (1930) and the revolutionary General Theory of Employment, Interest and > > Money , (1936). He argued that full employment was not an automatic > > condition, expounded a new theory of the rate of interest, and set out the > > principles underlying the flows on income and expenditure, and fought the > > Treasury view that unemployment was incurable. > > > > Unemployment, Keynes showed, was due to a deficiency in the demand for > goods > > and services. Governments could, by adjusting their own spending, overcome > > that deficiency. Control of the money supply and interest rates could also > > influence investment. Economic cycles could be ameliorated by > macro-economic > > fine-tuning. The scourge of unemployment could be eliminated through > > enlightened monetary and fiscal policies. > > > > As well giving influential advice to the British Treasury, Keynes's views > on > > a planned economy influenced Roosevelt's "New Deal" administration. He > also > > played a central role in the Bretton Woods Conference of 1944 which > created > > the International Monetary Fund and the International Bank for > > Reconstruction and Development. > > > > His influence on economics was such that the thirty-year boom in Western > > industrial countries (1945-75) has been called the Age of Keynes. > > > > > > -----Original Message----- > > From: Brad McCormick, Ed.D. [mailto:bradmcc@;cloud9.net] > > Sent: Thursday, October 31, 2002 6:03 PM > > To: Cordell, Arthur: ECOM > > Cc: [EMAIL PROTECTED]; [EMAIL PROTECTED]; > > [EMAIL PROTECTED] > > Subject: Re: Last words? ( was Re: Moral hazard (was Re: Or poorer > > > > > > I know little about Keynes. > > > > But I seem to recall that he wrote a sane and > > humane document about how WOrld War I should > > have been settled. (I think I read it some > > years ago.) > > > > As we know, the conditions imposed on Germany > > at "Versailles" virtually assured what we now call: > > > > a payback. > > > > Maybe I misremember. But if I am right, > > then there are other criteria for judging Keynes than > > economics narrowly considered. > > > > \brad mccormick > > > > > > > > [EMAIL PROTECTED] wrote: > > > > > > I think Keith is being a bit harsh with Keynes. And with the welfare > > state > > > as well. > > > > > > Coming out of WW2 nations were concerned that the depression would > > > re-emerge. There was a great deal of fear that unemployment would occur > > > once again. Hence the (about 1946) legislation in the US (and > elsewhere) > > > to aim toward full employment as a national goal. > > > > > > Sure there are "bad guys" everywhere, but the intent of Keynes and the > > > impact of his work and thinking was to make the lives of all of us > > > considerably better. No magic solutions, but the work of a good dentist > > (as > > > Keynes claimed economists should see themselves.) > > > > > > (I know this won't get settled, but just had to put my 3 cents in---with > > > inflation.) > > > > > > arthur > > > > > > -----Original Message----- > > > From: Keith Hudson [mailto:khudson@;handlo.com] > > > Sent: Wednesday, October 30, 2002 4:05 PM > > > To: Ed Weick > > > Cc: [EMAIL PROTECTED] > > > Subject: Last words? ( was Re: Moral hazard (was Re: Or poorer > > > > > > Ed, > > > > > > At 13:54 30/10/02 -0500, you wrote: > > > >Keith, we are in danger of going on and on and on, but I really do want > > > >another word. There really was deflation in the 1930s. And there > really > > > >was a Great Depression in which economies ground to a standstill and in > > > >which many millions of people were unemployed. Though I hate revealing > > my > > > >age, I'm old enough I remember my father being very angry when he had > to > > > >apply for "relief", riding the freight trains to Alberta to try of find > a > > > >job, and seriously thinking about breaking windows to get our family > > > >deported to Poland. > > > > > > Touché. My father was a skilled toolroom worker and was out of work for > > > several years during the Depression. I wore second-hand clothes until I > > was > > > 15. I never saw or used ordinary toilet soap or paper until I was 15 or > > 16. > > > > > > > > > (EW) > > > >I don't think people who tried to find solutions to the > > > >situation should be characterized as being patronizing do-gooders who > > were > > > >little different from the landed classes they supposedly replaced. > > Simply > > > >having wealth should not be taken to mean that you don't have a social > > > >conscience. There were many social reformers who came out of wealthy > > > >backgrounds, Robert Owen, for example, or the Fabians. > > > > > > I'm afraid that's how I characterise them. On reading Robert Skidelsky's > > > biography of John Maynard Keynes (three volumes -- 5" thick in total -- > > > more than 1500 pages) one won't find any evidence of his ever having > > spoken > > > to an ordinary working man in the whole of his life (except perhaps a > > > proctor or two at the university). Now I am not saying that Keynes (like > > > Robert Owen) was not well-meaning or not kindly-disposed to ordinary > > > people, but he had absolutely no idea of what they were or how they > > > thought. The nearest current living example we have is Anthony > > > Wedgewood-Benn, a Labour MP for over 40 years and as left-wing as any. > But > > > he hardly ever speaks to ordinary people (except from a platform). Like > > > Keynes, he has great family wealth (in Benn's case, held in a trust, so > it > > > can probably be passed on to his [MP] son without paying inheritance > tax). > > > In my past active political life I knew two or three peers of the realm > of > > > a similar sort -- rich and influential people whose heart was definitely > > in > > > the right place as far as ordinary people were concerned -- but who > really > > > had no idea about them. (I know that Churchil had aristocratic origins > so > > > he's not an example of the reformist liberal types I'm mentioning > here -- > > > but, like Keynes and his ilk, he never ever had the experience of > > > travelling on a London omnibus or going into a shop to buy ordinary > > goods!) > > > > > > (EW) > > > >Keynes was neither a socialist nor a do gooder. All he did was look > into > > > >the matter of why economics, as taught in the 19th century and the > > earlier > > > >part of the 20th, could not explain why capitalist economies suffered > > > >periodic depressions. IMHO, neither his analysis nor his > recommendations > > > >were what ended the Great Depression. > > > > > > True. The irony is that if Keynes' methods had been tried during the 30s > > > they would probably have helped greatly at the time (although there > would > > > have a price to be paid later). One of the reasons that made the > > Depression > > > stick (in England) for so long (compared with the fairly brief trade > > > recessions of the previous century) was that, for reasons of imperialist > > > obstinacy, Churchill (then Chancellor) fixed the pound at too high a > > price. > > > > > > Keynesianism only came into play when the new young Oxbridge economists > of > > > the 30s had matured and reached positions of power within the Treasury > > > after WWII. Keynesianism was then used to "fine-tune" the economy (or > so > > > they thought) even though it wasn't necessary and, in due course, > brought > > > about the galloping inflation that we're talking about here. > > > > > > (EW) > > > WWII did that, and it also led to a > > > >prolonged postwar boom catalyzed by "pent-up demand" and the need to > > > >reconstruct Europe. If he has a lasting legacy, I would suggest that > it > > is > > > >the identification of government as a major player in the economy. > > > >Following Keynes, governments could no longer hide behind laissez-faire > > > >arguments that the economy was solely a matter for the markets. They > had > > > to > > > >do what governments are supposed to do - govern. > > > > > > You see governments coming into play as necessary (and benign!) agents > in > > > hard times. I see governments as being places to which ambitious people > > are > > > constantly attracted. These people may be anywhere on a scale between > > being > > > reasonably well-disposed and crooks/nasty people of the deepest hue -- > but > > > nevertheless, all of them like power and will not give it up willingly. > In > > > my industrial life I knew scores and scores of men who were offered > > > promotion (sometimes with more earnings, sometimes not, but always with > > > more power, of course). I never knew a single person who ever turned > > > promotion down. > > > > > > >I've read nothing by Keynes, or about him, that suggested that he > > favoured > > > a > > > >welfare state. As I tried to argue previously, both socialism and the > > > >welfare state came out of different traditions, both of which have a > long > > > >history. While that history has included do-gooders, it has also > > included > > > >many people on the front lines who were willing to lay down their lives > > for > > > >a fairer and more just society. > > > > > > True, Keynes wasn't a socialist but he was much inclined to state > > welfarism > > > -- whether of the Beveridge variety or as financial support for > > > (middle-class) performing arts. He was well within the liberal-welfare > > > state tradition (which is called socialism today) which started from > about > > > the 1870s (when Forster nationalised the schools by trickery) and > > persisted > > > through until (I suggest) the 1970/80s. > > > > > > On these matters of welfarism, I suppose we'll have to leave our > > discussion > > > hanging in the air as usual! > > > > > > Keith > > > > > > > > -------------------------------------------------------------------------- > -- > > > -------------- > > > Keith Hudson,6 Upper Camden Place, Bath BA1 5HX, England > > > Tel:01225 312622/444881; Fax:01225 447727; E-mail: [EMAIL PROTECTED] > > > ________________________________________________________________________ > > > > -- > > Let your light so shine before men, > > that they may see your good works.... (Matt 5:16) > > > > Prove all things; hold fast that which is good. (1 Thes 5:21) > > > > <![%THINK;[SGML+APL]]> Brad McCormick, Ed.D. / [EMAIL PROTECTED] > > ----------------------------------------------------------------- > > Visit my website ==> http://www.users.cloud9.net/~bradmcc/ >
