ã¨ããSSRN論文ï¼åé¡ã¯ãOn 'Defunct Economists' and the Use of Economic Ideasãï¼ãMostly Economicsã紹介しているãèè ã¯ãã¥ã¼ã¯å¤§ã®Steven G. Medemaï¼cf. ここãここï¼ã以ä¸ã¯è«æã®å¼ç¨ã
Any number of those who advocate re-centering the history of economic thought in the economics curriculum, particularly at the graduate level, do so because they believe that, âIf only economists would read (pick your preferred unjustly neglected figure from the past), they would become aware that there was a better way of doing economics. These same individuals are also of the mind that there are clear, obvious, and consistent answers to the questions put to the authors of this symposium. Those who see no value in history of economics education, on the other hand, tend to be of the mind that all useful ideas from the past are incorporated in the economics of the present. For them, the answers to the symposium questions are irrelevant, as modern economics, rather than the musings of dudes long dead, provides the proper vehicle for thinking about these things. The intellectual hubris reflected in each of these positions cannot be understated.
One of the defining characteristics of social science is that ideas are almost inevitably incomplete. A second is that, in part because of the first, they are also almost inevitably contradicted by experience. Maybe not today, and maybe not tomorrow. But eventually, and often repeatedly if one takes a sufficiently long view. There is no Newton or Einstein waiting to provide timeless answers to economic questionsâtheories that are True, and simply await empirical verification. Life is messy. Bits of useful scholarly insight lay side-by-side on the page, or in the oeuvre, with the cringeworthy. The author of The General Theory also wrote A Treatise on Money. âThe Use of Knowledge in Societyâ was preceded by Prices and Production. Even the best of footballers put it wide of the net with some regularity.
It is no sin to attempt to find kernels of utility for the present in the ideas of the past. Indeed, it is fair to say that all progress, whether in the realm of ideas or in things more practical, inevitably builds on the successesâand yes, failuresâof our forebears. But grave dangers await when we chart our course by genuflecting before venerated saints, pretending that we can find in their scribbles the cures for even our minor afflictions, let alone the path to salvation. Capitalism is a delicate and difficult beast. Financial markets are complex, heterogeneous, and evolving. COVID has claimed the lives of millions and certain of the responses to it less currently calculable but no less real damage to the lives of millions more. Poverty and massive inequality have been a virtual fact of life through most of human history. To pretend that Keynes or Hayek give us the proper lens through which to view these issues or can provide the answers to the associated challenges is foolhardy. To pretend that either of them has nothing of use to offer when thinking about these challenges is equally absurd. The uncomfortable truth is that reality in turn stomps on and vindicates the ideas of both Hayek and Keynes; we disregard each at our peril.
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I am suggestingâindeed, insistingâthat real and consistent progress in meeting societyâs most profound challenges will only come through an intellectual eclecticism that is, and perhaps always has been, all too rare. Not coincidentally, Keynes and Hayek understood this well, learning from each other as well as from others of rather different stripes. And I expect that Keynes would have found much value in Lucas and Hayek in, say, Tirole. At this point, the disciples simply turn away, shaking their heads; and this author smiles, knowing that his point has been made.
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