Economics without Keynesian ‘impurities’

22 Dec, 2018 at 12:41 | Posted in Economics | 1 Comment

neoliberalism-meme-keanuSamuelson’s reconciliation of the micro-economic ideal type with involuntary unemployment was repudiated, along with Keynesian prescriptions, in favor of a view that there could be no involuntary unemployment , hence that government action was unnecessary. The result was a doctrinaire derivation of the laissez-faire conclusions that had been overturned by the formalist revolution; economics was now cleansed of Keynesian impurities that had been introduced in the interest of realism.

Peter Boettke

1 Comment

  1. Either he forgot the scare quotes around “Economics” or his editor got confused. As far as the scientific study of the material provisioning of society, it was utilitarian micro-pseudo-economics that was the impurity, and the impurity was cleansed of its faltering effort to include a bit of science.

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