By Bruce Littleboy
There's discontent with how the textbooks have come to reinterpret Keynes yet there's little verbal exchange among the main widespread colleges of feedback. This booklet argues that this loss of discussion is flawed and destructive. A synthesis is feasible as a few of the arguments among them will be traced to easy misunderstadings and ameliorations of emphasis.
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Additional info for On Interpreting Keynes: A Study in Reconciliation
Sample text
In a sense, the darker side of the Austrian vision is stressed by the fundamentalist Keynesians. Austrians recognize Knightian (or unquantifiable) uncertainty and see in it the justification for the existence of the entrepreneur, a heroic figure central to the progress of Western civilization. On the other hand, fundamentalists worry about the potential for instability should entrepreneurs lose their faith in the future. They point to the potential fragility of the system while the Austrians point to its progressive vigour.
Conventional behaviour does not imply complete conformity or unanimously held beliefs or expectations. 90 In addition, tendencies exist already within the reductionist programme to adopt the middle ground. Hahn’s concept of a conjectural equilibrium is a kindred one. 91 The evocative illustration of the persistence over the centuries of human sacrifices to placate the gods clearly indicates that Hahn’s vision is not narrowly economic. Nevertheless, Hahn’s primary point is that the conjectural equilibria which interest him are those which result in price stability in the face of perceived unemployment.
56 The amplification of the initial shock due to objective liquidity constraints is distinct from the subjective loss of confidence behind what triggered the decline in income in the first place. 57 In simple terms, both factions agree that the problem is not, as the orthodox view held, that there was a spanner in the works in the form of rigid prices. The problem of macroeconomic disturbances ultimately lies in the fact that agents do not have full information upon which to decide correctly what to do.