Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.

its not like "no economic theory can cope with it", but rather that the economic theory that can cope with it has low social standing within the profession and therefore has relatively few people exploring its implications, bringing it up to date to the evolution of domestic economies and the international order, etc.

Thanks Bruce. Suspicions confirmed on that one!  I could never understand the Neo-Liberal line that Keynes' General Theory was based on a closed national economy and therefore had to be abandoned in "our new modern era of cleptocracy"  woops, "of globalization."  I couldn't understand why it couldn't be recast into a larger model and some effective accounts taken for the effects of international trade.  But then I have never disciplined myself to attempt to really understand Keynes.  Perhaps I should try.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Jun 1st, 2008 at 04:55:55 PM EST
[ Parent ]

Others have rated this comment as follows:

Carrie 4


Occasional Series