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1 – 10 of over 3000Kendall P. Cochran has claimed that John Maynard Keynes “developed a theory that would try ‘to account for things as they are’. In so doing he became another important social…
Abstract
Kendall P. Cochran has claimed that John Maynard Keynes “developed a theory that would try ‘to account for things as they are’. In so doing he became another important social economist.
Keynes' criticisms of Tinbergen's pioneering econometric work are traced back to Keynes' concept of “inductive probability logic”. Induction had already been rejected by Popper as…
Abstract
Keynes' criticisms of Tinbergen's pioneering econometric work are traced back to Keynes' concept of “inductive probability logic”. Induction had already been rejected by Popper as the basis of scientific method. He argued that theories could be corroborated but not proved by the failure of attempts to falsify them by observation and experiment. Economic theory is proto‐theory, which is not fully falsifiable, but which yields falsifiable results if appropriate econometric methods, or a method‐theory is applied to it. A useful method‐theory needs to go beyond description and forecasting to policy optimisation.
The first Principia Mathematica (1686) by Sir Isaac Newton with reference to natural philosophy and his system of the world has largely contributed to the first revolution in…
Abstract
The first Principia Mathematica (1686) by Sir Isaac Newton with reference to natural philosophy and his system of the world has largely contributed to the first revolution in scientific thinking in modern times. It has created the conceptual basis of modern science in the classical tradition by providing the tools of analysis and the technique of reasoning in terms of stability—from—within or, as we would say today, the model of stable equilibrium conditions.
A collection of essays by a social economist seeking to balanceeconomics as a science of means with the values deemed necessary toman′s finding the good life and society enduring…
Abstract
A collection of essays by a social economist seeking to balance economics as a science of means with the values deemed necessary to man′s finding the good life and society enduring as a civilized instrumentality. Looks for authority to great men of the past and to today′s moral philosopher: man is an ethical animal. The 13 essays are: 1. Evolutionary Economics: The End of It All? which challenges the view that Darwinism destroyed belief in a universe of purpose and design; 2. Schmoller′s Political Economy: Its Psychic, Moral and Legal Foundations, which centres on the belief that time‐honoured ethical values prevail in an economy formed by ties of common sentiment, ideas, customs and laws; 3. Adam Smith by Gustav von Schmoller – Schmoller rejects Smith′s natural law and sees him as simply spreading the message of Calvinism; 4. Pierre‐Joseph Proudhon, Socialist – Karl Marx, Communist: A Comparison; 5. Marxism and the Instauration of Man, which raises the question for Marx: is the flowering of the new man in Communist society the ultimate end to the dialectical movement of history?; 6. Ethical Progress and Economic Growth in Western Civilization; 7. Ethical Principles in American Society: An Appraisal; 8. The Ugent Need for a Consensus on Moral Values, which focuses on the real dangers inherent in there being no consensus on moral values; 9. Human Resources and the Good Society – man is not to be treated as an economic resource; man′s moral and material wellbeing is the goal; 10. The Social Economist on the Modern Dilemma: Ethical Dwarfs and Nuclear Giants, which argues that it is imperative to distinguish good from evil and to act accordingly: existentialism, situation ethics and evolutionary ethics savour of nihilism; 11. Ethical Principles: The Economist′s Quandary, which is the difficulty of balancing the claims of disinterested science and of the urge to better the human condition; 12. The Role of Government in the Advancement of Cultural Values, which discusses censorship and the funding of art against the background of the US Helms Amendment; 13. Man at the Crossroads draws earlier themes together; the author makes the case for rejecting determinism and the “operant conditioning” of the Skinner school in favour of the moral progress of autonomous man through adherence to traditional ethical values.
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The controversy between Hayek and Keynes in the 1930s is probably one of the best‐known disputes in economics and several comments have been made on this episode (Hicks, 1967;…
Abstract
The controversy between Hayek and Keynes in the 1930s is probably one of the best‐known disputes in economics and several comments have been made on this episode (Hicks, 1967; Machlup, 1977; Fletcher, 1987). In the assessments little attention has been paid to the development of the ideas of the two economists, to the views they had in common and to the influence they had on each other. These aspects will be taken into consideration in this contribution with the aim of extending our knowledge of the fundamental points of disagreement between them. The crucial question is how it came about that Hayek and Keynes, who for some time studied very similar monetary problems, ended as such fierce opponents on the question of how a modern capitalist system works. Keynes went as far as denying that the market system is self‐adjusting, whereas Hayek, especially in his later writings, propounded the view that markets constitute an efficient mechanism for the satisfaction of human needs.
The purpose of this paper is to examine two (accidental and inevitable) reasons why W.H. Beveridge, who in 1936/1937 had rejected all of the elements of Keynes’s General Theory…
Abstract
Purpose
The purpose of this paper is to examine two (accidental and inevitable) reasons why W.H. Beveridge, who in 1936/1937 had rejected all of the elements of Keynes’s General Theory, came to accept it enthusiastically in the 1940s.
Design/methodology/approach
The paper answers this question in three steps. First, it distinguishes apparently changeable factors in Beveridge’s views, from consistent ones. Second, it looks for factors of the latter type in his three goals for economics. Third, it compares his goals with those of Keynes.
Findings
Beveridge’s three goals overlapped with Keynes’s ideals for economics and economists, and this is not historically accidental: economics should be useful as a basis for verification by fresh observations (as an exact science); economic knowledge should be useful in business and policy-making processes (for new kinds of educated professions); and economic studies requires a wide range of related subjects (a liberal education).
Research limitations/implications
This paper attempts to clarify the cognitive assumptions of the two economists. This clarification can contribute to understanding the process and reasons behind Beveridge’s acceptance of Keynesian economic theory and policies on a theoretical level.
Originality/value
This paper examines previously ignored reasons for Beveridge’s acceptance of Keynesian economics. Moreover, it suggests certain pre-analytic assumptions concerning the co-existence of social insurance and full employment policies. This perspective will be useful for historians of economics and the welfare state.
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Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely…
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Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.
Leonard Pluta and Santo Dodaro
Introduction In addition to his economic analysis, a key component of Keynes's intellectual legacy is his methodology, derived from the fusion of social philosophy and vision with…
Abstract
Introduction In addition to his economic analysis, a key component of Keynes's intellectual legacy is his methodology, derived from the fusion of social philosophy and vision with politics, public policy concerns and economic analysis, which he employed to offer a solution to the most fundamental and pressing problems of his time. In effect, such a methodology constitutes, in spite of Keynes's opposition to classical economics, a rediscovery, and adaptation of the one used by the classical school of political economy, which had been abandoned as a consequence of the onslaught of the “neo‐classical” revolution in the late 1800s with its strict focus on “scientific” or positive economics.
Explores Keynes′s long‐term policy proposals as social reform. Usingearly unpublished philosophical papers of Keynes, the argument is thatKeynes′s long‐term policy proposals…
Abstract
Explores Keynes′s long‐term policy proposals as social reform. Using early unpublished philosophical papers of Keynes, the argument is that Keynes′s long‐term policy proposals focused on reconciling “being good” and “doing good”. The socialization of investment was meant to bring about this reconciliation.
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B. Littleboy and G. Mehta
The great stimulus to macroeconomic theory provided by Keynes is well recognised, but much less is said about his views on scientific methodology and his influence there. There is…
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The great stimulus to macroeconomic theory provided by Keynes is well recognised, but much less is said about his views on scientific methodology and his influence there. There is a widespread belief among economists that Keynes was an a priori thinker who dealt with “facts” and empirical material in a cavalier and high‐handed manner. We question the validity of this interpretation and give evidence to show that Keynes' methodology was not hostile to empiricism.