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.
“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 https://axecorg.blogspot.com/2016/09/marshall-and-cambridge-school-of-plain.html
#2 How Keynes got macro wrong and Allais got it right https://axecorg.blogspot.com/2016/09/how-keynes-got-macro-wrong-and-allais.html
2 comments:
#DrainTheScientificSwamp
“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
https://axecorg.blogspot.com/2016/09/marshall-and-cambridge-school-of-plain.html
#2 How Keynes got macro wrong and Allais got it right
https://axecorg.blogspot.com/2016/09/how-keynes-got-macro-wrong-and-allais.html
Don't feed the troll.
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