> >Bradford DeLong wrote:
>>
>>>But this is low Keynesianism: the paradox of thrift; the fallacy of
>>>composition; et cetera, et cetera, et cetera...
>>
>>Actaully, how often is Minsky cited in the AER? JEP? Journal of Finance?
>>
>>Doug
>
>PIMCO's Fed-watcher actually wrote: "Minsky certainly was a fiscal
>expansionist, too, perhaps even
>more Keynesian than Keynes himself!" What's high Keynesianism?
Post-Keynesians - or as Paul Davidson inexplicably prefers, Post Keynesians - view low Keynesianism (or what Joan Robinson called bastard Keynesianism) as the "deficit spend your way out of recession" dogma, that forgets all Keynes's stuff about high-unemployment equilibria, financial parasitism, speculative instability, etc. I'd be interested to hear what Brad's definitions are; I'm guessing the PKs would think he's more a bastard than a High Churcher.
Doug