Post Keynesians invade the discussion at the University of Chicago economics discipline
from Paul Davidson
A few weeks ago, I indicated that I had been invited by Jim Heckman to give a talk to the economics department at the University of Chicago. My talk was also publicized in an advance in the Chicago Maroon [University of Chicago student newspaper] via a quarter page advertisement entitled “The Keynes Solution: The Path To Global Economic Prosperity Via A Serious Economic Theory”
In the advertisement was a picture of Keynes at Bretton Woods. The advertisement also indicated that a free box lunch would be provided to all in the audience. [This in an environment that proclaims there is no such thing as a free lunch.]
Below is a link that has been erected by INET [George Soros’s Institute for New Economic Thinking] about my talk at the University of Chicago regarding how the Post Keynesian theory I presented shows why the Chicago theory of efficient markets can not exist in the world of experience — and why this Keynesd-Post Keynesian monetary theory explains the global financial crisis of 2007-2008! http://ineteconomics.org/blog/inet/post-keynesian-pioneer-meets-university-chicago
This link provides a summary of some of the points of my talk and reaction to it and alsos a link to the actual video of the talk.
I sent a hard copy of my presentation to Chicago BEFORE my talk so all who wanted could read it in advance. Interestingly, although Jim Heckman thought that his “rational expectations” colleagues were prepared to heckle me at my presentation, only one faculty member attended– Tom Coleman a newly appointed finance professor who had spent most of his career working for the finance industry. Apparently the rational expectations people could not find a flaw with the argument presented.
The audience was primarily University of Chicago students of economics and related disciplines and they, apparently, thoroughly enjoyed the talk. Hopefully they will now have the tools to challenge their professors.