Quotation of the Day…

by Don Boudreaux on December 12, 2013

in State of Macro

… is from page 87 of David McCord Wright’s 1968 essay “Is There a Keynesian System?”, which is chapter 5 of Money, the Market, and the State: Economic Essays in Honor of James Muir Waller (N. Beadles and L. Drewry, eds., 1968):

For the [Keynesian model] assumes “given” tastes, technique skills, resources, population, distribution of wealth, degree of competition, and so on.  Nor is one word said as to how the assumed society got into this frozen state, or a suggestion offered as to how it should be unfrozen.  Every customary attribute of a vigorous capitalist society (or even a growing non-capitalist one) is eliminated without explanation yet the result is called a “general” theory.  Methodologically, it is as if one had defined all men as eunuchs and then written a “general” theory of the inability of men to procreate!


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