Monday, January 14, 2019

Lars P. Syll — Keynes on the limits​ of econometric methods

Keynes quote.

Lars P. Syll’s Blog
Keynes on the limits​ of econometric methods
Lars P. Syll | Professor, Malmo University


AXEC / E.K-H said...


“His Collected Writings show that he [Keynes] wrestled to solve the Profit Puzzle up till the semi-final versions of his GT but in the end he gave up and discarded the draft chapter dealing with it.”

Keynes NEVER got the foundational concept of economics ― profit ― right. He NEVER understood what scientific methodology is all about. Before starting work on the General Theory, he had made up his mind: “In the early thirties he confessed to Roy Harrod that he was ‘returning to an age-long tradition of common sense’.” (Coates)

In other words, lacking valid knowledge of how the economy works, Keynes fell back on his true strengths, i.e. rhetoric, storytelling, blather, and political agenda pushing.#1, #2

Egmont Kakarot-Handtke

#1 Marshall and the Cambridge School of plain economic gibberish

#2 How Keynes got macro wrong and Allais got it right

Noah Way said...

Don't feed the troll.