Keynes and Hayek: The Money Economy

By G. R. Steele | Go to book overview

2

Vision in economics

Many of the monetary and theoretical issues that were at the heart of the Keynes-Hayek debate have never been resolved; they have just been swept under the rug.

(Garrison 1999: x)


Vision

Whether in the natural sciences or the social sciences, every orthodoxy derives from a vision - 'a pre-analytical cognitive act' (Schumpeter 1954:41) - of how the world functions. A vision is uniquely personal. No vision can be reproduced with any accuracy. A vision 'takes off from Popper-Lynkeus's good saying that when a man dies a world goes out of existence…. the authors of disturbing new ideas typically think them up and develop them within a "world" of their own' (Watkins 1999:232). Every representation is necessarily inadequate to the vision itself; but we must always strive. Such comments apply as much to artistic as to scientific endeavour: a composer or a painter or a poet or a man uses his chosen medium to represent his private vision as best he can; but he is forced by the medium to simplify or to abbreviate. In regard to everyday experience, for example, a drive through a national park is different both from the information contained in a guide book and from any retrospective report of the journey. The true content of any vision can be represented only imperfectly. Although its most essential features may be communicated by the nature of their differences to those from some alternative perspective, in the final analysis the visionary stands alone.

Aspects of a vision may become 'caught' by canonical texts. However, if those texts are contingent (upon, say, 'people, times and places'), they will remain open to subsequent re-'vision'. Students and practitioners may be kept to 'the straight and narrow if there develops an interpretative tradition that makes it unnecessary to consult the canonical texts with all their ambiguity, passion and contingency. The development of textbooks is the hallmark of that interpretative tradition' (Pearce and Hoover 1995:184), Yet, the

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Keynes and Hayek: The Money Economy
Table of contents

Table of contents

  • Title Page v
  • Contents ix
  • Figures and Tables x
  • Preface xi
  • 1 - Introduction 1
  • 2 - Vision in Economics 19
  • 3 - Philosophy and Political Economy 37
  • 4 - Money Issues 61
  • 5 - Macrodisequilibrium 78
  • 6 - Keynes and Senie Macromodels 101
  • 7 - Value Theory and Monetary Theory 117
  • 8 - Capital, Money and Cycles 140
  • 9 - Austrians and Post-Keynesians 160
  • 10 - Economic Guidance 183
  • Notes 205
  • Bibliography 208
  • Index 219
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