More on saving and investment, static and dynamic in historical time, and ex ante and ex post, and Gunnar Myrdal's contribution to understanding it. Giving credit where credit is due.
Fixing the Economists
Gunnar Myrdal’s Prescient Criticisms of Keynes’ General Theory
Philip Pilkington
3 comments:
Pilkington quotes the excellent 1974 textbook by Joan Robinson and John Eatwell.
Let me add another precious quote from the same work:
"The criterion of what is desirable necessarily involves moral and political judgements. Economics can never be a perfectly "pure" science, unmixed with human values".
Need one say more?
Jose, the decision to use the A-bomb necessarily involved moral and political judgments. The design and fabrication of the weapon did not. Economics is no different.
Pilkington, I would say yes, now we are going backwards about as far as we must go to unwind the wrong economics, so that we may create the right economics.
GUNNAR MYRDAL, ANALYST OF RACE CRISIS, DIES
Published: May 18, 1987
http://www.nytimes.com/1987/05/18/obituaries/gunnar-myrdal-analyst-of-race-crisis-dies.html?src=pm
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