Sunday, January 16, 2011
Posted by dkuehn at 6:37 AM
- Tim Bending inserts game theory into the real balances debate that followed the Keynesian revolution here, and suggests that game theory confirms a lot of Keynesian insights.
- Vince Cable argues that cuts by the coalition government in the UK would be backed by Keynes (himself, of course, a member of the Liberal Party). Tim Page disagrees.
- Jonathan asks about the potential influence of Marx on Keynes (well, he beats around the bush until he comes out and raises the point in the comment section). I really don't think so - he explicitly rejects Marx at so many points and I can't think of anything that's clearly derived from Marx that I have doubts about the whole idea. So do most Marxists, for that matter. An interesting discussion on the potential compatibility of Marxism and Keynesianism (which, it's important to note, seems to assume it's generally understood that they aren't compatible) is provided here, here, here, and here. I haven't read any of it yet so can't say much about the quality of the argument.
- Bruce Webb muses on an intersection between Keynes and Veblen in a discussion of a record sale of a Picasso. Does buying obscenely expensive pieces of art as an act of conspicuous consumption help put idle cash to use??? I have my doubts. It's just going to another obscenely rich collector, right? It all kind of depends on what he does with the money. Anyway, it's interesting to think about the relationship between Keynes and Veblen - in Economic Possibilities for Our Grandchildren Keynes talks about this sort of conspicuous consumption as the only consumption that is really insatiable.
- A clever imaginary conversation with Keynes is provided here by a BBC correspondent. The discussion runs the gamut - economics, homosexuality, Paul Samuelson, Bloomsbury. A good read.
- I'm a little loathe to post this, but here's Don Boudreaux with a flippant, somewhat vacuous critique of Keynes building off of a Leland Yeager paper. There's a lot that just left me scratching my head - I started a longish response in the comment section. I still don't think I did it all justice. But it's hard to do a response justice because Don doesn't really make any effort to make a critique. He spends ten paragraphs alternatively caricaturing and ridiculing the idea of effective demand - and of course when you sufficiently caricature it, the ridicule follows naturaly. Bill Woolsey has a comment too. This sort of post completely reaffirms my decision not to apply to George Mason University. If I went there I'd love to work with a guy like Peter Boettke. He occassionally acts dismissive too, but he's a good guy with good scholarly motives. The problem is, if I had to specialize at Mason I would not want to specialize in Austrian economics - I'd choose to specialize in public choice theory. And that means Don Boudreaux and Russ Roberts. And that's a non-starter. I'm not going to spend that much time and effort with people that clearly disdain where I'm coming from. Boettke doesn't agree with where I'm coming from but he at least extends respect. Anyway - rant over. The other links I provide are really interesting. Perhaps it would be too much to ask to let me rant but not let the comment section be dominated by Cafe Hayek talk. Still, I can dream right?