by James K. Galbraith quote. It's a should-read.Should also read the article from which the quote is extracted.JKG draws a parallel between Keynes and Einstein, and neoclassical economics (which Keynes called classical economics) and Newton. He makes a case that Keynes was thinking specifically of this contrast when he mounted his criticism of the economics of his day, which remains the convention of today owing to the Paul Samuelson's "bastarding" Keynes contribution in his synthesis that became the basis for New Keynesianism, which is more John Hicks on Keynes than Keynes himself.Lars P. Syll’s BlogKeynesian vs Newtonian economicsLars P. Syll | Professor, Malmo University
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James K. Galbraith quote. It's a should-read.
Should also read the article from which the quote is extracted.
JKG draws a parallel between Keynes and Einstein, and neoclassical economics (which Keynes called classical economics) and Newton. He makes a case that Keynes was thinking specifically of this contrast when he mounted his criticism of the economics of his day, which remains the convention of today owing to the Paul Samuelson's "bastarding" Keynes contribution in his synthesis that became the basis for New Keynesianism, which is more John Hicks on Keynes than Keynes himself.
Lars P. Syll’s Blog
Keynesian vs Newtonian economics
Lars P. Syll | Professor, Malmo University