Sunday, July 4, 2010
KEYNSIANISM VS MONETARISM
Take a look at the great series of essays, by Kindleberger.
Economists, among all so called 'experts', need 'history', and not just 'economic' history, as a correction, the worst possible way.
One might say, with real truth, that economics fails as an independent discipline, and really is a sort of statistical, clerical, menial, tool box, at best.
Take a look, for example, at Kindleberger's comments, re Hawley-Smoot, in this collection, chs 8,11........
His very thinly veiled sarcasm for so-called 'explanations' re Hawley-Smoot, for the origin of the great depression...."
Even FDR talks a lot in this speech about other causes for agricultural distress than Smoot Hawley. Here is just one spot, where he mentions the Great War:
"I cannot avoid a word concerning this plight of agriculture—what it means to all. It means that the product of your labor brings just half of what it brought before the war."
Economists, among all so called 'experts', need 'history', and not just 'economic' history, as a correction, the worst possible way.
One might say, with real truth, that economics fails as an independent discipline, and really is a sort of statistical, clerical, menial, tool box, at best.
Take a look, for example, at Kindleberger's comments, re Hawley-Smoot, in this collection, chs 8,11........
His very thinly veiled sarcasm for so-called 'explanations' re Hawley-Smoot, for the origin of the great depression...."
Even FDR talks a lot in this speech about other causes for agricultural distress than Smoot Hawley. Here is just one spot, where he mentions the Great War:
"I cannot avoid a word concerning this plight of agriculture—what it means to all. It means that the product of your labor brings just half of what it brought before the war."
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