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Quotation of the Day…

Posted By Don Boudreaux On December 13, 2011 @ 9:40 am In Economics,State of Macro | Comments Disabled

… 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 [1] (1978), and entitled “Spontaneous Order and the Coordination of Economic Activities [2]“:

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 [3], 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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[1] New Directions in Austrian Economics: http://www.amazon.com/New-Directions-Austrian-Economics-Spadaro/dp/B001E1UG3U/ref=sr_1_1?s=books&ie=UTF8&qid=1323787189&sr=1-1

[2] Spontaneous Order and the Coordination of Economic Activities: http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=106&chapter=6050&layout=html&Itemid=27

[3] Joan Robinson: http://www.econlib.org/library/Enc/bios/Robinson.html

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