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On the Money View: Perry Mehrling on Keynes's Comeback
Tue, 22 May 2012 14:12:30 GMT
On the Money View, Perry Mehrling reviews Lance Taylor's book Maynard's Revenge: The Collapse of Free Market Economics.
Mehrling suggests that Keynes had it right: "The economy itself is a constantly changing and evolving entity, which means that individuals face epistemic problems of uncertainty, not just risk. In a world like that, historico-institutional methods provide a kind of knowledge that mathematico-statistical methods simply cannot, knowledge to inform individual decisions but also social policy."
Mehrling agrees with Taylor's suggestion that the economic crisis proved the need for more economists that are willing to consider this approach. ""Keynes remains an attractive exemplar of how to do macroeconomics, and not just because of his repeated deep insights into the problems of his own day," Mehrling writes.
And yet Keynes's views may have difffered some from what Taylor writes in the book - Mehrling calls the book, in part "Taylor's Revenge" on macroeconomics and finance.
Click Here to Read the Full Post on Money View
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