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Quotation of the Day…

Posted By Don Boudreaux On December 15, 2011 @ 8:16 am In Scientism,State of Macro | Comments Disabled

… is from page 11 of – first page of the Prologue to – W.H. Hutt’s unfortunately neglected 1979 book The Keynesian Episode: A Reassessment [1] (original emphasis):

Already in 1936, although I had been bewildered by it, I had seen clearly and predicted that [Keynes's] The General Theory would have a quite unparalleled influence by reason of what I judged to be its demerits as a contribution to thought.  Its policy implications appeared to have been chosen for their political attractiveness.  Its misrepresentations of the “classical” economists seemed certain to have a powerful appeal (because the teachings of the “dismal science” had at all times been accepted with reluctance by many who were unable to refute them).  Moreover, the obscurities of the General Theory (which I have since come to recognize as due, in every case, to defective thinking), expressed as they were in the language of science, appeared likely to enhance its reputation (for all too many people in all spheres – the academic sphere not excluded – are apt to accept obscurity for profundity).

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[1] The Keynesian Episode: A Reassessment: http://www.amazon.com/Keynesian-Episode-Reassessment-W-Hutt/dp/0913966614/ref=sr_1_1?s=books&ie=UTF8&qid=1323954881&sr=1-1

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