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History of economics. So where does this leave us? Milton Friedman and Richard Nixon are both said to have claimed that ‘we’re all Keynesians now.’ That sure beat Classicism, as that term was used in the ‘70s. But we can do better – in a way that recovers what’s true, but not false, in both ‘Austrian’ and ‘Post-Keynesian’ economics. What’s true in them all is endogeneity – money’s endogeneity. And this in turn means that, insofar as we’re right and not merely cranks, we’re all Wicksellians now.ForbesModern, Pre-Modern, Or Post-Modern Money? A Brief Guide For The PerplexedRobert Hockett | Edward Cornell Professor of Law and a Professor of Public Policy, Senior Counsel at Westwood Capital, and a Fellow of The Century Foundation.
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History of economics. So where does this leave us? Milton Friedman and Richard Nixon are both said to have claimed that ‘we’re all Keynesians now.’ That sure beat Classicism, as that term was used in the ‘70s. But we can do better – in a way that recovers what’s true, but not false, in both ‘Austrian’ and ‘Post-Keynesian’ economics. What’s true in them all is endogeneity – money’s endogeneity. And this in turn means that, insofar as we’re right and not merely cranks, we’re all Wicksellians now.ForbesModern, Pre-Modern, Or Post-Modern Money? A Brief Guide For The PerplexedRobert Hockett | Edward Cornell Professor of Law and a Professor of Public Policy, Senior Counsel at Westwood Capital, and a Fellow of The Century Foundation.
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History of economics.
So where does this leave us? Milton Friedman and Richard Nixon are both said to have claimed that ‘we’re all Keynesians now.’ That sure beat Classicism, as that term was used in the ‘70s. But we can do better – in a way that recovers what’s true, but not false, in both ‘Austrian’ and ‘Post-Keynesian’ economics. What’s true in them all is endogeneity – money’s endogeneity. And this in turn means that, insofar as we’re right and not merely cranks, we’re all Wicksellians now.Forbes
Modern, Pre-Modern, Or Post-Modern Money? A Brief Guide For The Perplexed
Robert Hockett | Edward Cornell Professor of Law and a Professor of Public Policy, Senior Counsel at Westwood Capital, and a Fellow of The Century Foundation.