The Limits of Keynesian Economics:
A. Central Themes to be discussed:
1. The Apologetics of capitalist economics after Ricardo
2. Idol Worship: Neo-classical equilibrium theory and Say’s Law
3. Equilibrium? The depression explodes the ruling model
4. Keynes explanation for the breakdown
5. Keynes’s goal: restoring capitalism
6. Keynes’s political goal: Reviving the Liberal Party
7. Keynes’s policy prescription: the central government supplements private investment
8. The Mechanics of Keynes’s policy prescriptions
9. Flaws: Keynes’s utopian capitalism
10. Keynes versus Marx on stagnation and crisis
B. Questions and Discussion
See the Mayday Site for further details,
By FellowCommodityDooley
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2 comments:
Keynes is ancient history and Anglo-American capitalism gave Keynesian ideas the boot back in the mid-'70s. Secondly, most serious students of political economy -- including Marxists -- know Keynes' ideas backwards and forwards. And thirdly, Keynes' ideas are not going to be resuscitated in the foreseeable future. Given these observations, I don't see the pertinence of discussing Keynes today. All that seems to get discussed in the Twin Cities is archaic stuff of scant relevance today.
Mr. Taylor executed a well-done talk, calling Keynes "utopian capitalism." Since the liberals line up behind 'Keynes' - especially Krugman - it is valuable to take apart the master. Taylor pointed out the stabilizing role of the military economy, which is not mainly based on market forces - and something Keynes did not think necessary.
Of course, the answer to the key question 'how much debt can the capitalists take on' was not answered. They, and their state, will actually never be able to pay the current debt - the system is bankrupt. The nation, but especially the working class, will be in a debtor's 'prison' for lifetimes.
The other key question is how much can international upper-middle classes and middle classes take up the slack of 'aggregate demand' that the American working class is losing or has lost - intentionally I might add.
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