On 7/19/2011 11:39 AM, Jim Devine wrote: > > On the third hand, there are various developments of Keynes' ideas, > from Robinson or Minsky to the so-called "new Keynesians" such as Greg > Mankiw (the Reformed Church of Monetarism). The politically- and > academically-dominant form of Keynesianism has suffered from a > shot-gun wedding with Walrasian general equilibrium theory, producing > such crap as "stochastic dynamic general equilibrium theory." It thus > ended up being totally irrelevant from even a Keynesian perspective, > saying nothing about the Bubble Economy of the 2000s and the 2008-09 > collapse.
Just a point of clarification for anybody who didn't read what I wrote. I think it would be excellent if Obama had implemented aggressive Keynesian measures after taking office. I am a socialist but see the value of a public works program, etc. My main objection to Keynesianism is that has nothing to offer to poor nations that rely on mining and agriculture. Someone recommended Kalecki's book on policies for developing nations but I doubt that I will ever get around to it. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
