I want to make a thread that gathers critiques of Post-Keynesian, because many current Keynesians and in general statists economists attempt to use their claims and rhetoric to “save themselves”(from what ? From the current discrediting of mainstream economics).
I also suggest all knowledgeable forum posters, take a Minsky/Keen article and examine it.
Others are:
Michael Kalecki
Abba Lerner
Joan Robinson
Michael Hudson
Lars Syll
Basil Moore
People who have something else to post that is for example, should be banned:
Argumentation between Post-Keynesian vs Austrian (this is supposed to be a resource page, not an eternal discussion between “socialdemocracy21” and austrian users)
Mocking or useless statements concerning either PKs or Austrian economics
Make your own topic for that purpose
But suggestions are welcome and also contributions to the collection
I found it a provocative critique of basic Neoclassical theory. The second half of the book (where Keen presents his own theory) I think is pretty bad, including his critique of Say’s Law and his reformulation of Marxism.
I have noticed that “Modern Monetary Theory” has been growing in influence without any real challenge. I know Robert Murphy challenged it, however I don’t think it was devastating because he self admittingly didn’t deeply understand it.
What’s to deeply understand? The idea is simple: The govt has a printing press, will use it, and thats good for everyone concerned, as long as they dont print so much that they cause hyperinflation, or maybe normal inflation, whatever.
If they can print tons of free money, they dont need to collect taxes, obviously. [Here’s where he forgets about the inflation proviso] Therefore, since everything the govt does is for a good logical reason beneficial to the economy, there must be another reason they collect taxes. And what is it? Some ridiculous thing or other, I don’t remember, maybe to give value to the money, since you need it to pay taxes.
The top guy propounding this visited the forums here a while back, and IMHO was demolished.
Jonathan. Do you plan to write a review ? The more material on this, the better.
Yea, but I have to re-read a lot of the book. And, Keen invokes Sraffa, and I feel that I should have a stronger handle on him.
Btw, if we’re collecting online source material: Piero Sraffa, Production of Commodities by Means of Commodities. Just be happy we he (Freudian slip?) only provided a “prelude,” and as far as I know nobody has gone much beyond it.
LOL, i feel the same way Catalan. There is a lot of narrative, labels and omissions that can be critiqued but it might become to much to nitpick about.
