By A P Thirlwall
Read Online or Download Keynes and Laissez-Faire: The Third Keynes Seminar held at the University of Kent at Canterbury 1976 PDF
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Additional resources for Keynes and Laissez-Faire: The Third Keynes Seminar held at the University of Kent at Canterbury 1976
Sample text
How far these members of the 'Stockholm School' were independent discoverers of the Keynesian message is still a matter of some dispute. What cannot be denied, however, is that the fate they overwhelmingly met in the UK and the USA was one of complete neglect. 6 2 By the time translations of their major works were made available in English, Keynes's General Theory had swamped all other contributions and in any case the initial Keynesian reaction to the Swedish School was rather hostile. 6 3 As a third stream of thought that might well have led on to quite radical modifications of the basic classical and neoclassical position, we must mention the Cambridge School itself.
The compulsions of planning for a predetermined goal became worthwhile because the alternatives - inflation on the one hand or shop shortages on the other - would distribute the same burden of economy between individuals more arbitrarily, less fairly and with more waste and more damage to the war effort. Only when there was an agreed objective beyond the reach of individual effort was there a case for planning. The objectives of peacetime are less fixed than in wartime and the methods appropriate to their realisation have to be correspondingly more flexible.
5 9 This interpretation of Keynes as essentially an economic liberal arguing for specific non-liberal measures solely in periods of unemployment is borne out, it seems to me, by the attitude of certain members of the Labour party in the early 1940s towards Keynes's negotiations with the United States. Michael Foot, for example, in his biography of Nye Bevan writes: He (Bevan) would not acknowledge Keynes as the great economic prophet of the new age. He had never been prepared to accept Keynes's analysis as a substitute for a fuller Socialist criterion of capitalist society, and he had never been convinced that Keynesian techniques would be adequate to cure the disease.