James K. Galbraith: The Final Death (and Next Life) of Maynard Keynes

4:26 am in Uncategorized by selise

"John Maynard Keynes"

"John Maynard Keynes" by Steve Hunnisett on flickr

Posted below, with kind permission of the author, is the transcript (see note below) of James K. Galbraith’s keynote lecture to the 5th annual “Dijon” conference on Post Keynesian economics, meeting at Roskilde University near Copenhagen, Denmark on May 13, 2011. Please see the source link at UTIP for the audio, which I highly recommend. — selise

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It’s of course a great privilege for me to be here in this role and especially on the occasion of the 75th anniversary of the publication of the General Theory.

Two years ago, as you may recall, our profession enjoyed a moment of ferment. Economists who had built their careers on inflation targeting, rational expectations, representative agents, the efficient markets hypothesis, dynamic stochastic general equilibrium models, the virtues of deregulation and privatization and the Great Moderation were forced by events momentarily to shut up. The fact that they had been absurdly, conspicuously and even in some cases admittedly wrong imposed even a little humility on a few. One senior American legal policy intellectual, a fellow traveler of the Chicago School, announced his conversion to Keynesianism as though it were news. Read the rest of this entry →