Trevor (or anyone?), could you please quickly summarize what kind of monetary reform Keynes advocated in that tract? I am not surprised that MF endorsed it, since Keynes was pre-Keynesian at the time. But does it go as far as MF's 100% reserve banking (an idea he later dropped)?
On Mon, May 12, 2008 at 1:43 AM, Trevor Evans <[EMAIL PROTECTED]> wrote: > A Tract on Monetary Reform, 1924 -- a book which Friedman praised strongly! > > Trevor Evans. > > > > > > -----Original Message----- > From: [EMAIL PROTECTED] > [mailto:[EMAIL PROTECTED] On Behalf Of Jim Devine > Sent: 12 May 2008 03:06 > To: Progressive Economics > Subject: Re: [Pen-l] Long Run [was: Re: job creation - beyond slave auction > > 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? > > 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 > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- 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
