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That's actually unfair to both Samuelson and to Keynes.  I know that it has been a popular talking point here to attack Samuelson for putting so much deterministic math around Keynes, but that comes without really looking at everything Samuelson, who really was a much better economist than Keynes or anyone else who has entered that profession or likely ever will.  Without Samuelson, few of us would ever know anything about Keynes today, and the fact that he was threatened, as a young recent graduate, by his peers and current and potential employers at the time for taking Keynes seriously instead of as a gadfly is a testament to both Samuelson's intellectual integrity and personal courage.
by santiago on Mon Jun 7th, 2010 at 05:28:41 PM EST
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It was a bit snarky, you are certainly better academically qualified than I to judge in this matter, and I have seen some very impressive stuff from Samuelson circa 1946-1960. The idea that assistance should be given to the poor in order to stimulate the economy was clearly understood in the early '60s, as it came up in my roommate's Intro Econ class, which was taught out of Samuelson.

Certainly Samuelson is not responsible for the The Hicks-Hansen IS-LM Model, which is how much of what passes for Keynes is presented today, from what I have read. But Keynes was careful not to use complex mathematics so as to clarify the assumptions, in part. Nor did he use equilibrium analysis, rather criticizing the economics of his day for being useless in a crash precisely due to being based on equilibrium analysis.

My understanding, based on my reading and on clarifications by Bruce McF, is that in bringing Keynes to US audiences, Samuelson rebuilt his work so as to make it more compatible with US Mainstream Economics, devoted as it was and is to equilibrium analysis. From that point of view US economists who are familiar with Keynes are likely to have a different view of him than would his Cambridge, England intellectual descendants, such as Joan Robinson.

I am coming more and more to the view that the reason Keynes was so thoroughly abandoned in the 1970s is that allegiance to the Friedman approach was, to a large extent, purchased by elites operating through think tanks, through academia and through institutions that handled their money because they did not like the implications of Keynes nearly so much as they liked Friedman and Hayek. Given that bias, any defect in Keynes would suffice to throw him out. Justification of their activities was vastly more important than explanatory power. This possibly overstates the foresight and planing that was involved, at least in-so-far as what can or has been clearly shown, but I still have a lot of reading to do on this subject.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Jun 13th, 2010 at 11:43:35 PM EST
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No, I think it's clear that that's exactly what happened. And it was planned, deliberate and intentional.

Economics post-Friedmann has become entirely Sovietised, with apparatchiks paid to parrot the party line.

More than that, the oil-based inflation of the 70s was used as an excuse to 'prove' that state funding and income redistribution were destructive of the real economy.

Which of course they are, if you assume that the real economy is what traders do, and everything else is noise.

Although interestingly if you look at some of the latest noises from somewhere nominally conservative like Brookings, the serious wisdom has more in common with ET now than it does with Chicago c. 1980 or with Mises.

This is a good thing, because it's almost literally impossible to overstate the scale of the disaster that the apparatchiks have created - economically, culturally, morally, ecologically and politically.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Jun 14th, 2010 at 12:10:54 AM EST
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That is my sense of it as well, but I am not now really able to demonstrate intentionality. It is not something I should really be doing, so I hope someone steps up big time. I am planning to buy Yves Smith book Econned, as I think she has done a lot of the leg work here.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Jun 14th, 2010 at 01:40:21 AM EST
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