The real tail wagging

20 Apr, 2016 at 19:32 | Posted in Economics | 3 Comments

dog-tailKeynes’s intellectual revolution was to shift economists from thinking normally in terms of a model of reality in which a dog called savings wagged his tail labelled investment to thinking in terms of a model in which a dog called investment wagged his tail labelled savings

James Meade


  1. Analogies will get you nowhere! In common with many others, Keynes had an agenda which was not an honest way of looking at our subject. Only when we decide to take a truly scientific attitude can we begin to understand how our social system REALLY works.

    • And of course there is no ideological agenda where you sit, David.

      • I think we are all doing this with a particular aim or agenda in mind. Mine is the belief that the discovery and spread of scientific knowledge will help our world (that is civilization) to become more advanced, better, more moral and less dependent on unfounded belief. Is this aim also an unfounded belief? Then, as Walt Witman wrote, I contradict myself.

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