Another great interview with Steve Keen. The interviewer is Ross Ashcroft from the “Renegade Economist.” A wide-ranging discussion, including details on the second edition of Debunking Economics: The Emperor Dethroned?
Subscribe to:
Post Comments (Atom)
Out of curiosity Lord Keynes, have you met Steve Keen or any other renowned (orthodox or heterodox) economist personally?
ReplyDeleteI have yet to meet any, but I know people who do know the economist Tim Condon.
Also, have you read any works by the author Max Barry? He's a witty satirist.
P.S. Where and when did Steve Keen complain about the "poor" mathematical skills of economists?
"Out of curiosity Lord Keynes, have you met Steve Keen or any other renowned (orthodox or heterodox) economist personally?"
ReplyDeleteI've not met any of these people personally. The economists I have met are ordinary lecturers in economics departments or other academics from allied disciplines like marketing.
"Also, have you read any works by the author Max Barry?"
This Max Barry?:
http://maxbarry.com/2004/04/02/news.html
http://en.wikipedia.org/wiki/Max_Barry
Apart from what I have just read now, I am afraid not! His novels sound quite interesting, however.
"Where and when did Steve Keen complain about the "poor" mathematical skills of economist"
ReplyDeletehttp://www.debtdeflation.com/blogs/wp-content/uploads/papers/stevemaths.pdf
http://www.paecon.net/PAEtexts/Keen1.htm
There is also a video of him saying specifically that many neoclassical economists are wretched mathematicians, but I would have to search for it.
Stephanie Kelton on MMT:
ReplyDelete"The monetarists' belief in money neutrality, that the velocity of circulation is essentially stable, and their later embrace of rational expectations are all untenable.
When a quasi-monetarist policy was adopted by Volcker at the Fed from 1979-1982, it was a disaster.
I suppose many would want to know what modern monetarists say in response to that fact that when Friedman was interviwed by the Financial Times in 2003 (7 June), he said “The use of quantity of money as a target has not been a success ..., I’m not sure I would as of today push it as hard as I once did.”
Sorry for bringing that up, but I have to respond to it, since I'm sympathetic to monetarism.
Your being very dishonest here, First with the belief in monetary neutrality and a stable velocity of circulation. THAT IS NOT WHAT MONETARISTS OLD OR NEW EVER BELIEVED, in the short run. In the short run money is non-neutral, else why would Friedman blame the Federal reserve for not doing enough to fight the Great Depression. The long run is a different story. Now you believe differently, you believe that money is never neutral, we can have that debate, but dont misrepresent what monetarists originally said.
Second, on Friedman's recantation and the "failed monetarist experiment" Its called learning from your mistakes. Its a bit rich for you to criticize Milton Friedman for changing his mind when John maynard Keynes was notorious for his "economic contortions" and flip flops. You remind me of conservatives criticizing neoclassicals K's for failing to anticipate stagflation and then imagining that somehow refutes all of Keynes theory. New Keynsians and Post Keynesians know about stagflation. In the same way, neo-monetarists like scott sumner and david beckworth know what went wrong in 1979-1982, and have adapted. Read Sumner and beckworth
"In the same way, neo-monetarists like scott sumner and david beckworth know what went wrong in 1979-1982, and have adapted."
ReplyDeleteAdapted in what way? Do they still beleive that the money supply is exogenous? That the central bank would be able to control it?
"In the short run money is non-neutral, else why would Friedman blame the Federal reserve for not doing enough to fight the Great Depression."
ReplyDeleteYou are correct. I should have said:
"The monetarists' belief in long run money neutrality,"
in my original comment.
"Its a bit rich for you to criticize Milton Friedman for changing his mind when John maynard Keynes was notorious for his "economic contortions" and flip flops. "
ReplyDeleteAt least Keynes repudiated the "quasi-monetarist" work he had written in the 1920s.
Did Friedman ever repudiate his pure monetarist theory (with its fixed money growth rule), whose application to the real world caused such havoc?
Also, I regard Friedman as a cultish free market apologist. Yes, his views weren't as extreme as Austrians, but that isn't saying much.
@Lord Keynes: Yes, that Max Barry. He's the author of "Syrup", "Jennifer Government", and "Company". I recommend reading his works.
ReplyDelete