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Note that all of this criticism was available at the time, since at the time that Bastard Keynesianism was breaking down from intellectual inconsistency, Post Keynesian work had already incorporated all of the elements you touch on, and were offering a more effective explanation of what was going on than the Monetarists could offer ...

... and that was even before it was uncovered that some of Friedman's results were fabricated.

Except, the thing is that the neoclassicals in the profession were trying to get rid of Keynesianism, and using the breakdown of the Neoclassical/NeoKeynesian Synthesis work as an excuse to ditch the side of the model that had some validity in favor of the side of the model that was built upon falsehoods (many known at the time, some uncovered later in the 70's) could well have happened without the "stagflation" episodes. After all, if one pretext to do what you wanted to do anyway does not appear, you simply wait for another one to appear or else you fabricate one.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Tue Jan 28th, 2014 at 11:51:29 AM EST
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