Keynes versus the Classics: Round Two
Chicago School economics has never been more vulnerable than it is today – and deservedly so. But, as a recent exchange between two economic heavyweights showed, the attack on it will never succeed unless its Keynesian rivals are willing to work out the implications of irreducible uncertainty for economic theory.
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LONDON – The economist John Maynard Keynes wrote The General Theory of Employment, Interest, and Money (1936) to “bring to an issue the deep divergences of opinion between fellow economists which have for the time being almost destroyed the practical influence of economic theory…” Seventy years later, heavyweight economists are still at each other’s throats, in terms almost unchanged from the 1930’s.