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1codyed
Prof. Mario Rizzo:
No, I haven’t gone crazy. John Maynard Keynes’s economics is not Austrian economics. He and Friedrich Hayek had serious disagreements over economic theory and policy. I believe that Hayek was largely right in these disagreements. Nevertheless, Keynes was personally kind to Hayek. He found him a place to stay in Cambridge during the Nazi bombing of London. He also had some good things to say about Hayek’s controversial and, at the time, underappreciated book, The Road to Serfdom.
But, of course, this is not all. They shared a deep appreciation of the humanistic (for lack of a better word) aspect of economics. In effect, they looked at it as a “philosophical science” – a term that today might be considered a contradiction in terms.
A few things have inspired me to write this post. The first is Paul Krugman’s defense against the “accusation” that Keynes did not have a mathematical model. Krugman says, in effect, “Yes, he did and here are the equations.” Krugman is right. And yet the understandable implication that readers might draw is that Keynes would have approved of today’s “advanced” macroeconomics. This is wrong.
