Wednesday, June 5, 2019

Keynes: socialist, liberal or conservative? — Michael Roberts

Interesting post. Michael Roberts argues that Keynes was all three–socialist, liberal and conservative at different times. But owing to his social status, Keynes was fundamentally a British upper-class conservative, or in Marxian terminology, a "bourgeois liberal." However, he was not hidebound and also had a sense of reality that made him open to accommodate changing circumstances.

Michael Roberts Blog
Keynes: socialist, liberal or conservative?
Michael Roberts

See also

The Political Economy of Development
Keynes against capitalism
Nick Johnson


AXEC / E.K-H said...

Links on Michael Roberts’ ‘Keynes: socialist, liberal or conservative?’

Scientifically, Keynes is long dead ― more precisely, since the General Theory. Keynes got Profit Theory wrong. This means that the whole analytical superstructure of the GT is scientifically worthless and that Keynes’ policy proposals NEVER had sound scientific foundations. After-Keynesians failed to spot Keynes’ foundational blunder to this day. For details see:

Forget Keynes

Macroeconomics ― dead since Keynes

How Keynes got macro wrong and Allais got it right

Keynes’ intellectual nonexistence

Macroeconomics: Economists are too stupid for science

Marshall and the Cambridge school of plain economic gibberish

Post-Keynesianism vs MMT: a Zombie debate

Keynesians ― terminally stupid or worse?

From Keynes’ fatal blunder to the true economic model

Egmont Kakarot-Handtke

Kaivey said...

We can look at economics as a pure science to study total efficiency. Then we must tweak the model to suite us as humans are not machines. The tweaking is politics and many of us prefer sicialism.

AXEC / E.K-H said...


You say: “The tweaking is politics and many of us prefer sicialism.”

“Tweaking” is a euphemism for scientific fraud. Keynes was a political agenda pusher, NOT a scientist. Same holds for socialists.

Socialism and scientific incompetence

Egmont Kakarot-Handtke

AXEC / E.K-H said...


General Theory p. 63: “Income = value of output = consumption + investment. Saving = income − consumption. Therefore saving = investment.”

“His Collected Writings show that he 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.” (Tómasson et al.)

Let this sink in: Keynes had NO idea of profit, i.e. the fundamental concept of economics.

Keynes’ I=S is false, AXEC’s Q=I−S is true. See

Do first your macroeconomic homework.

Egmont Kakarot-Handtke

AXEC / E.K-H said...


“Keynes: socialist, liberal or conservative?” Wrong question!

Right question “Keynes: scientist or useful political idiot?”

Right answer: Keynes messed up macroeconomics and because of this he is buried at the darkest corner of the Flat-Earth-Cemetery. See cross-references Failed/Fake Scientists

Egmont Kakarot-Handtke