PIMCO quotes Minsky

Ted Winslow egwinslow at rogers.com
Thu Jul 11 12:31:33 PDT 2002


Doug asked:


> Is that where JMK analyzes Hayek's personality?

No. It's in a letter to Hayek responding to Road to Serfdom, a letter expressing "profound agreement" with important parts of the rest of Hayek's argument.

The analysis of Hayek's personality is scattered through various texts e.g. the description of Prices and Production as an "example of how starting from a mistake a rigorous logician can end up in Bedlam", the description of Hayek's monetary policy ideas as "sadistic puritanism" best understood in terms of psychoanalysis, the description of other of Hayek's ideas about money in terms of Ibsen's idea of the "wild duck" diving down to the bottom and biting "fast hold of the weed and tangle and all the rubbish that is down there," a place from which "it would need an extraordinarily clever dog to dive after and fish her up again" (General Theory p. 183).

Ted



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