"Davidson's Post Keynesian account suffers from a related problem. Against his enemies, the proponents of efficient markets, Davidson is anxious to assure us that the future is uncertain. But he nevertheless has a mechanical view of what will happen if government spending in a recession takes place as massively as he wishes. Then, he assures us, the economic doldrums will end and all will be well. How does he know that business and consumer confidence will respond so readily to the injection of government money? Evidently, the future is uncertain, but somehow this state of affairs alters when government enters the scene.Why should we believe this? Why assume that business confidence is so rigidly determined? Is it not rather the result of many causes that, if indeed the future is uncertain, cannot be readily specified?"
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
David Gordon, "The Keynes Solution?," Mises Daily (Auburn, AL: Ludwig von Mises Institute, 16 October 2009).
https://en.wikiquote.org/wiki/Post-Keynesian_economics
Revision History
No revisions have been submitted for this quote.
Categories
Post-Keynesian economics
8 quotes on TrueQuotesView all quotes by Post-Keynesian economics →
Related Quotes
"After Keynes, it was no longer possible to develop economic theory within the old equilibrium framework. The temporal…"
"Academics who continue to be amused and intrigued with the still-growing literature on the economics of John Maynard …"
"Such an emphasis is justified, from an Austrian perspective, because of numerous suggestions made that the two school…"
"Post Keynesian policy recommendations involve limiting the legal ability of individuals to bargain in the marketplace…"
"[A]mong its many other deficiencies, as spelled out by Mises and his followers, monetarism’s most fundamental flaw is…"
"The Carter Administration, like its predecessors, is not really coping with the causes of unemployment. Under the inf…"
"I am very unsympathetic to the school that calls itself post-Keynesian. First of all, I have never been able to under…"
"Currency devaluations stimulated recovery in two ways: allowing nominal interest rates to fall and, so long as people…"
"This ground-plan, conceived by a great architect, exhibits a fundamental metaphysical dualism in Plato’s thought. ...…"
"We are called upon in this case to decide whether under the Investment Advisers Act of 1940 [1] the Securities and Ex…"