Robert Skidelsky and Bruce Caldwell on Hayek and Keynes in the Depression. These are lectures from Soros's new Institute for New Economic Thinking organization.
Skidelsky says something interesting - he says we should embrace theories that accept the possibility that depressions happen, and that it is the Austrian and Keynesian theories that do so and they need to be the "building blocks" for theory as we go forward.
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I have to say, I really enjoy Skidelsky. I just recently finished his latest book, "Keynes: The Return of the Master", and I thought it was really good.
ReplyDeleteIt isn't a technical book by any means, so anyone with a bit of econ knowledge can breeze through it, but it's a nice summary of the Post-Keynesian basics.
I'm not at all surprised that he included Austrian theory as a building block going forward. Reading through his book I was struck by how many times I said, "wow, that sounds awfully Austrian..."
I have heard Mario Rizzo comment on several occasions that the Austrians have much in common with the post-Keynesians. This is the sentiment expressed in his book 'The Economics of Time and Ignorance' as well. I believe on his blog, thinkmarkets, there is 'An Austrian Appreciation of Keynes' from about a year ago or so.
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