"The best way to evaluate any economic theory is to consider the theorist as a magician. Theorists rarely make logical errors in moving from axioms to conclusions, any more than professional prestidigitators drop the deck of cards while performing a card trick. Today's economic theorists are proficient at creating the illusion of pulling policy conclusion rabbits out of their black hat mathematical model of the economy. The more surprising the policy rabbits pulled from the hat, the greater the audience enjoyment of the economist's performance, and the greater the applause and rewards." -- Paul Davidson (2007). John Maynard Keynes, Palgrave Macmillan, p. 26.This book should be added to your reading list if you are interested in Keynes' General Theory and are not informed of Davidson's views on Keynes. I wish Davidson had chosen a title that distinguishes his book from Hyman Minsky's of the same name.
6 months ago