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Possibly practical decisions can be made within one country, much like a businessman who doesn't understand his balance sheet, or has reason to know it's bs anyway, can still have a canny sense of how to run his business.

That's exactly what Keynes was saying in The General Theory...

Nevertheless these difficulties are rightly regarded as 'conundrums'. They are 'purely theoretical' in the sense that they never perplex, or indeed enter in any way into, business decisions and have no relevance to the causal sequence of economic events, which are clear-cut and determinate in spite of the quantitative indeterminacy of these concepts. It is natural, therefore, to conclude that they not only lack precision but are unnecessary.


We have met the enemy, and he is us — Pogo
by Migeru (migeru at eurotrib dot com) on Mon Nov 19th, 2007 at 02:45:51 AM EST
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