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The Crisis of Keynesian Economics by Geoffrey Pilling

marxists.org · 13,826 words · saved by 2 readers

... the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from intellectual influences, are usually the slave of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas ... sooner or later, it is ideas, not vested interests, which are dangerous for good or evil. (GT: 383-4) I believe myself to be writing a book on economic theory which will largely revolutionise ... the way the world thinks about economic problems. When my new theory has been duly assimilated and mixed with politics and feelings and passions, I can’t predict what the final upshot will be in its effect on actions and affair

The Crisis of Keynesian Economics by Geoffrey Pilling The Crisis of Keynesian Economics by Geoffrey Pilling (1986) 2 The Significance of the Keynesian Revolution ... the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from intellectual influences, are usually the slave of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler o

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