Monday, July 8, 2013

News flash! Hayek and Keynes both draw on Wicksell!

Posted by dkuehn at 10:59 AM
Why is this being treated like some long buried mystery?

The natural rate discussion here and in the linked post is overwrought IMO.

6 comments:

  1. Jonathan FinegoldJuly 8, 2013 at 11:09 AM

    Paul Davidson and Ludwig von Mises are basically one in the same. I see hints of Adam Smith in the work of both.

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    Replies
    1. Daniel KuehnJuly 8, 2013 at 11:12 AM

      What's important to remember to is that the Post Keynesian view just below the surface here is actually somewhat extreme even for PKs. Lots of them are quite comfortable with natural rate analysis.

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  2. Ryan LangrillJuly 8, 2013 at 1:31 PM

    Leijonhuvfud's paper "The Wicksell Connection" makes this very clear, as well. He argues that really, only Fisher/Friedman's macro is relatively innocent of Wicksell.

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  3. gcallahJuly 8, 2013 at 6:41 PM

    Surely the reason this is interesting despite it's not being news (Shackle and Robertson were noting this decades ago) is that we have Hayek versus Keynes videos, And even as intelligent a person as Jonathan meets yet another Demonstration that their views were largely compatible with mockery.

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  4. Matias VernengoJuly 8, 2013 at 7:19 PM

    Hi Ryan:
    Yes Leijonhufvud is the relevant paper on that. I would also recommend Amadeo's book "Keynes' Principle of Effective Demand."
    Best,
    Matías

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  5. Blue AuroraJuly 9, 2013 at 12:49 AM

    Isn't it amazing how everyone seems to be at each others' throats?

    ReplyDelete

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