Keynes. 1923. A Tract on Monetary Reform, reprinted Donald Moggridge, ed. The Collected Works of John Maynard Keynes, IV, (London: Macmillan, 1971). 65: "In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again."
> > On May 11, 2008, at 9:05 PM, Jim Devine wrote: > >> Sandwichman wrote: >>> "this long run is a misleading guide to current affairs. In the long >>> run we are all dead. Economists set for themselves too easy, too >>> useless a task if in tempestuous seasons they can only tell us that >>> when the storm is long past the ocean is flat again." >> >> Tom, do you know when/where he said this? >> > Tract on Monetary Reform (1928?) > >> it reminds me of a big problem with the orthodox (neoclassical) view >> of the long run. It's assumed that the nature of the long run is >> determined ahead of time (or at least the real, as opposed to >> monetary, aspects are pre-determined). For lack of a better term, the >> alternative or post-Keynesian view is that the nature of the long-run >> result is determined partly by the process of getting there (path >> dependence, hysteresis). Persistent high growth of demand affects the >> amount of supply (while for the orthodox, supply is given). Persistent >> high demand undermines the role of structural unemployment, allowing >> those with "inadequate" skills to get on-the-job training, etc. It >> also stimulates labor productivity (Verdoorn's "law"). >> >> >> >> -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own >> way and let people talk.) -- Karl, paraphrasing Dante. >> _______________________________________________ >> pen-l mailing list >> [email protected] >> https://lists.csuchico.edu/mailman/listinfo/pen-l > > Shane Mage > > "Thunderbolt steers all things...it consents and does not consent to be > called Zeus." > > Herakleitos of Ephesos > > > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
