Monday, February 17, 2020

'Fridays for Keynesianism' — Peter Bofinger

Excellent summary of the recognition of the classical fallacy by Keynes, what followed, and why neoclassical economics is proving so difficult to dislodge even though it has been discredited.

Note: This is not the only fallacy that plays a part in neoclassical assumptions. The fallacy of composition is another, as Keynes also observed.

Social Europe
'Fridays for Keynesianism'
Peter Bofinger | Professor of Economics at Würzburg University and a former member of the German Council of Economic Experts

See also

Brave New Europe
Paul Romer: The Dismal Kingdom – Do Economists Have Too Much Power?
Mathew D. Rose

1 comment:

AXEC / E.K-H said...

Links on Peter Bofinger on ‘Fridays for Keynesianism’

“For economics as a science, the neoclassical synthesis has led to huge reputational damage.” Not only this, Keynesianism, too, has a serious reputational problem. Economics is proto-scientific garbage to this day.

Keynes ― the poster boy for the weakness of the economist’s mind

How Keynes got macro wrong and Allais got it right

What Keynes really meant but could not really prove

Who or what exactly did Keynes save?

Macroeconomics ― dead since Keynes

For details see cross-references

Egmont Kakarot-Handtke