[lbo-talk] (no subject)

Julio Huato juliohuato at gmail.com
Mon Nov 18 16:31:46 PST 2013


Regarding Hansen and the air he breathed, I'll say one more thing and let this rest:

Schumpeter's view of crisis, in what he thought to be the spirit of Marx, as a Mellonian cleansing of the previously accumulated excesses of capitalism, was somewhat influential among American economists, and made it hard for them to accept Keynes' seemingly easy way out of the crisis. Here's Barry Eichengreen on Schumpeter's views:

http://emlab.berkeley.edu/~eichengr/crisis_finan_innov.pdf

And if you have studied Samuelson's trajectory, you'll know exactly what I mean. A few people felt very torn between the Schumpeterian and Keynesian views. And, in Samuelson's case, there was also the Hicksian mathematical push to reconcile Keynes with Marshallian/Piguvian/Paretian economics.



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