An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Monday, March 5, 2012
Keynes had No Formal Economics Degree
Read it at Social Democracy for the 21st Century (short)
Keynes had No Formal Economics Degree - Is There a Lesson Here?
by "Lord Keynes"
Neither J. M. Keynes nor Wynne Godley had formal degrees in economics. Godley studied music but decided against a career in music due to shyness before an audience, while Keynes preferred to focus on mathematics and philosophy rather than economics.
Significantly, both worked at Treasury and understood government finance based on experience. This experience played a key role in their ability to reorient economics from the point of view of money, banking, and finance.
Cullen Roche posted the same link to Social Democracy and adds at Modern Monetary Realism, "Interesting. So maybe it’s the wonks that are the problem after all? Of course, I’d argue that real world experience and a life in the trenches is always superior to the ivory tower, but that’s just me and I most certainly suffer from bias in that regard…..Anyhow, I thought you might find that interesting…."
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ReplyDeleteTwo more men whose ideas I have a lot of time for are C.H. Douglas and Marriner Eccles, neither of them had any formal economic training as far as I'm aware.
ReplyDeleteBut he had training in math, which is 50% of economics. The other 50% being psychology which he seemed to understand intuitively.
ReplyDeleteThere is a lot to be said for learning math. If you know math, it is easy to pick up physics, engineering, etc..
First of all, with due respect to Mr. Roach, I doubt very seriously he that is another JMK - sort of like Loyd Benson telling Mr. Quale he was no JFK.
ReplyDeleteThen, as far as investing I remember that Peter Lynch said that if you only spend 15 minutes a day listening to economist, then you only waste 15 minutes a day. I suspect he knows more about economist than anyone I have ever read or heard.
I have almost no formal training either!
ReplyDelete3 credits in undergrad and 3 credits in grad