At http://www.j-bradford-delong.net/Econ_Articles/Reviews/monetaryreform.html, Brad deLong writes: >>> This may well be Keynes's best book. It is certainly the best monetarist economics book ever written.<<<
Ted: > DeLong is also blind to the ideas to which I pointed. < However, you never explain why the "Tract" wasn't essentially monetarist, which was deLong's point. (It's also why Milton Friedman liked the book, I'd guess.) Just because deLong disagreed with you on one issue (Keynes as a "rational choice" theorist) doesn't mean that he's _always_ wrong, by the way. "blind" to the ideas? that sounds almost like religious lingo. (when are the scales going to fall off of deLong's eyes? when will he see the light?) I think it's more likely, however, that you and he are talking past each other. You want to talk about "social ontological and psychological ideas," while I'd bet that deLong is more interested in talking about economics. (As am I, making it a rare situation that I agree with deLong.) > In the GT and the Treatise on Money, the emphasis on and argument supporting > central bank obsession with price stability (particularly in the form of > Hayek's "monetarism") is itself treated as an expression of serious > psychopathology, as "sadistic puritanism."< The discussion concerned the "Tract," not the GT or the Treatise on Money. I don't see why the quotes from the GT that you provide are relevant to a discussion of the "Tract." Hayek was no monetarist as far as I can see. Not all ultra-cons are monetarists. As far as I can tell, Hayek was more of the Andrew Mellon type who said "let nature take its course" (to purge economic imbalances) in response to the Depression. MF -- the iconic monetarist -- would reject that view, saying that the Fed should have kept the money supply growth rate constant. -- 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
