quarta-feira, 20 de fevereiro de 2008

"we are all Keynesians now"

(...) the 1936 German edition of his General Theory. After condemning the "classical tradition" in economics - and specifically criticizing the Austrians - Keynes declares: "The theory of aggregate production, which is the point of the following book, nevertheless can be much easier adapted to the conditions of a totalitarian state than the theory of production and distribution of a given production put forth under conditions of free competition and a large degree of laissez-faire. . . . Although I have, after all, worked it out with a view to the conditions prevailing in the Anglo-Saxon countries where a large degree of laissez-faire still prevails, nevertheless it remains applicable to situations in which state management is more pronounced." Via LRC

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