Quotation of the Day…

by Don Boudreaux on December 13, 2011

in Economics, State of Macro

… is from pages 114-115 of Gerry O’Driscoll’s deeply insightful 1977 essay, reprinted in Louis M. Spadaro, ed., New Directions in Austrian Economics (1978), and entitled “Spontaneous Order and the Coordination of Economic Activities“:

Much of the confusion surrounding the nature of Keynes’s message can be accounted for if one accepts the thesis that Keynes remained largely ignorant of capital theory.  He had difficulty, then, in presenting his message because he did not possess the requisite technical knowledge.  Of course, one could also infer that Keynes was not sure of the message that he wished to present.  There is evidence for this interpretation in the recent observation of one of his close associates at Cambridge, Joan Robinson, who noted that certain of Keynes’s putative followers “… had some trouble in getting Maynard to see what the point of his revolution really was …”

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indianajim December 13, 2011 at 10:01 am

Intriguing quote from Joan Robinson.

Invisible Backhand December 13, 2011 at 4:53 pm

“The flaw in this neoliberal reasoning is not hard to see. Ownership of wealth obviously confers power; it gives some individuals an upper hand in the “voluntary” exchanges they make with others. Lacking the means otherwise to support ourselves, most of us must hire out our ability to do work in exchange for wages. We might do quite well if we are educated and talented, lucky or white, but even so, we ultimately produce more value than we are paid – that is, after all, the reason we are hired.

Wealth ownership, thus, gives an upper hand to employers in these voluntary exchanges with working people.”


Troy Camplin December 14, 2011 at 5:06 pm

This is what happens with a literature scholar gets ahold of this paper:


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