Michael Roberts reminds us of something important – that Keynesian economics has severe shortcomings. I agree.
For me, the problem with Keynes was what he didn’t say. He was largely silent about three related issues: class, power and profits, or least he dismissed them lightly:the problem of want and poverty and the economic struggle between classes and nations, is nothing but a frightful muddle, a transitory and an unnecessary muddle. (Preface to Essays in Persuasion)It’s no accident that it should have been so easy to find a Keynesian-neoclassical synthesis, as both schools of thought ignored these matters.
This omission, however, has had several baleful effects....Stumbling and Mumbling
Chris Dillow | Investors Chronicle