Comments on: The Neoclassical Economic Dogma: Part 2 http://blog.cheapmotelsandahotplate.org/2010/01/12/the-neoclassical-economic-dogma-part-2/ An Economist's Travelogue Thu, 29 Jul 2010 15:49:58 +0000 http://wordpress.org/?v=2.9 hourly 1 By: mike http://blog.cheapmotelsandahotplate.org/2010/01/12/the-neoclassical-economic-dogma-part-2/comment-page-1/#comment-347 mike Sun, 14 Feb 2010 21:03:29 +0000 http://blog.cheapmotelsandahotplate.org/?p=331#comment-347 redderthanred, I am glad you found this useful. Stay in touch. Michael redderthanred, I am glad you found this useful. Stay in touch. Michael

]]> By: redderthanred http://blog.cheapmotelsandahotplate.org/2010/01/12/the-neoclassical-economic-dogma-part-2/comment-page-1/#comment-346 redderthanred Sun, 14 Feb 2010 20:13:45 +0000 http://blog.cheapmotelsandahotplate.org/?p=331#comment-346 Very helpful!! Thanks for the post. Very helpful!! Thanks for the post.

]]> By: Jim Farmelant http://blog.cheapmotelsandahotplate.org/2010/01/12/the-neoclassical-economic-dogma-part-2/comment-page-1/#comment-300 Jim Farmelant Sat, 16 Jan 2010 20:47:47 +0000 http://blog.cheapmotelsandahotplate.org/?p=331#comment-300 Bertrand Russell's Authobiography is another source on the old Cambridge. Russell himself was one of the fixtures of the old Cambridge, and he certainly was a friend of Keynes. Russell sometimes dabbled in economics, just as Keynes sometimes did in philosophy. Russell's life also shows up some of the limitations of the old Cambridge as well. Russell's openly avowed atheism was not altogether pleasing to the university authorities. And Russell's outspoken opposition to the First World War (and to conscription) got him into hot water there, while also earning him a jail sentence. That in turn led to his dismissal from Trinity College at Cambridge. He was not able to rejoin the faculty there until 1944. Bertrand Russell’s Authobiography is another source on the old Cambridge. Russell himself was one of the fixtures of the old Cambridge, and he certainly was a friend of Keynes. Russell sometimes dabbled in economics, just as Keynes sometimes did in philosophy. Russell’s life also shows up some of the limitations of the old Cambridge as well. Russell’s openly avowed atheism was not altogether pleasing to the university authorities. And Russell’s outspoken opposition to the First World War (and to conscription) got him into hot water there, while also earning him a jail sentence. That in turn led to his dismissal from Trinity College at Cambridge. He was not able to rejoin the faculty there until 1944.

]]> By: mike http://blog.cheapmotelsandahotplate.org/2010/01/12/the-neoclassical-economic-dogma-part-2/comment-page-1/#comment-299 mike Sat, 16 Jan 2010 13:59:46 +0000 http://blog.cheapmotelsandahotplate.org/?p=331#comment-299 Ishi and Jim, Thanks for your comments. I think the definition of neoclassical economics is inferred from the detailed discussion of it. I got my feel for the old Cambridge from various sources. A good one is the novels of C.P. Snow, especially The Master and the Light and the Dark. Summers really is a sneering ugly pig, and he doesn't give a shit about the poor nations or people of the world. Ishi and Jim, Thanks for your comments. I think the definition of neoclassical economics is inferred from the detailed discussion of it. I got my feel for the old Cambridge from various sources. A good one is the novels of C.P. Snow, especially The Master and the Light and the Dark.

Summers really is a sneering ugly pig, and he doesn’t give a shit about the poor nations or people of the world.

]]> By: Jim Farmelant http://blog.cheapmotelsandahotplate.org/2010/01/12/the-neoclassical-economic-dogma-part-2/comment-page-1/#comment-298 Jim Farmelant Sat, 16 Jan 2010 12:00:37 +0000 http://blog.cheapmotelsandahotplate.org/?p=331#comment-298 Isaiah Berlin was not a Cambridge man. He was at the other place (i.e. Oxford). He was certainly a contemporary of Keynes, but lived much longer, dying in 1997. According to Wikipedia, the term 'neoclassical economics' was coined by Thorstein Veblen (one of its great critics) around 1900. The term was later on adopted by such economists as Stigler and Hicks to denote the approaches to economic theory that stemmed from the work of such people as Jevons, Walras and Marshall (as opposed to the work of the Austrian school). Summers's memo may have been a "joke", but it presents fairly impeccable neoclassical economic reasoning, all the same. If we only had a Charles Dickens to satirize it the he did with his character, Thomas Gradgrind. Isaiah Berlin was not a Cambridge man. He was at the other place (i.e. Oxford). He was certainly a contemporary of Keynes, but lived much longer, dying in 1997.

According to Wikipedia, the term ‘neoclassical economics’ was coined by Thorstein Veblen (one of its great critics) around 1900. The term was later on adopted by such economists as Stigler and Hicks to denote the approaches to economic theory that stemmed from the work of such people as Jevons, Walras and Marshall (as opposed to the work of the Austrian school).

Summers’s memo may have been a “joke”, but it presents fairly impeccable neoclassical economic reasoning, all the same. If we only had a Charles Dickens to satirize it the he did with his character, Thomas Gradgrind.

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