Heterodox
Zach Carter has an appreciation of Joan Robinson's work on imperfect competition, with a bit about the role of Cambridge circus in helping Keynes write the General Theory. Paul Krugman, gatekeeper, reacts: "Nice appreciaton of Joan Robinson, although no mention of her later role. Sad to say, as a student I mainly encountered her through the 'Cambridge capital controversy', a huge intellectual muddle. Somehow Robinson and others managed to convince themselves that the moral legitimancy of capitalism rested on the existence of a well-defined measure of 'capital' that had a well-defined marginal product. What followed was a tortured debate that illuminated nothing much, and eventually just faded away. Oh well. But Zach Carter is right: we value thinkers for their best work, not their
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Zach Carter has an appreciation of Joan Robinson's work on imperfect competition, with a bit about the role of Cambridge circus in helping Keynes write the General Theory. Paul Krugman, gatekeeper, reacts:
"Nice appreciaton of Joan Robinson, although no mention of her later role. Sad to say, as a student I mainly encountered her through the 'Cambridge capital controversy', a huge intellectual muddle. Somehow Robinson and others managed to convince themselves that the moral legitimancy of capitalism rested on the existence of a well-defined measure of 'capital' that had a well-defined marginal product. What followed was a tortured debate that illuminated nothing much, and eventually just faded away. Oh well. But Zach Carter is right: we value thinkers for their best work, not their detours, and Robinson made a huge contribution." -- Paul Krugman, 25 April 2021
In my work trying to extend the CCC, I usually jump into the middle. I probably have a summary years ago for the beginner, but I cannot find such. Quickly looking, I find these posts:
- Quotations from some experts on the CCC
- A sophisticate neoclassical response to the CCC
- Why do mainstream economists not make more out of the CCC?
- Fields impacted by the CCC
- Catalog of neoclassical responses to the CCC
- Textbook recommendations (I have longer lists in some other posts, I think.)
Somebody coming here from Twitter who does not pay attention to academic economics might not find these too helpful. I write hardly anything at all about the 'moral legitimancy of capitalism'.