Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
Natural doesn't tell us if Keynes finally validates that conclusion. Does he in fact conclude that such instruments are unnecessary?

(In my example, I assumed a businessman was better off understanding the balance sheet all the same...)

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Nov 20th, 2007 at 03:09:59 AM EST
[ Parent ]
Yes, he is concluding that (see BruceMcF's statement that Keynes worked with nominal GDP). But Keynes is very vague on the reasons why. The extended quote I gave is the entire argument as far as I can tell. So unless he developed it further in previous books, or it was "widely known" at the time that there were some problems (and what was the consensus back then?) it will be hard to figure out exactly what keynes had in mind.

We have met the enemy, and he is us — Pogo
by Migeru (migeru at eurotrib dot com) on Tue Nov 20th, 2007 at 03:31:03 AM EST
[ Parent ]

Display:

Occasional Series