Keynes was an “Austrian” economist

posted by
March 17, 2013
La Bocca della Verita
by Gene Callahan  
Posted in Commentary

"Today's neoclassical mainstream tends to look at the economy as a series of shifts from one equilibrium state to another. Of course, all of the best neoclassicals recognize this as an idealized abstraction, but they largely think of it as an abstraction that largely captures what really occurs in an economy. Keynes, in common with Austrian economists, saw that while the market process generates a tendency towards equilibrium, it is never, or almost never, in an actual equilibrium state." (03/17/13)  

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