Home > Uncategorized > Keynes on models and economics

Keynes on models and economics

from Lars Syll

Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. It is compelled to be this, because, unlike the typical natural science, the material to which it is applied is, in too many respects, not homogeneous through time … I also want to emphasise strongly the point about economics being a moral science. I mentioned before that it deals with introspection and with values. I might have added that it deals with motives, expectations, psychological uncertainties. One has to be constantly on guard against treating the material as constant and homogeneous. It is as though the fall of the apple to the ground depended on the apple’s motives, on whether it is worth while falling to the ground, and whether the ground wanted the apple to fall, and on mistaken calculations of the apple as to how far it was from the centre of the earth.

John Maynard Keynes (letter to Harrod, 1938)

  1. March 3, 2021 at 3:39 pm

    Economics is a science of thinking in terms of models …

    Did Keynes deny his word? Or did he consider it valid in spite of various preferable conditions and aspirations? Or did he want to reject economics as science as a whole?
    I do not consider that this kind of citation contributes to a serious thinking that aims the progress of economics (including rejection of neoclassical economics).

    • Meta Capitalism
      March 8, 2021 at 1:13 pm

      Shiozawa, a one eyed archer seldom hits their target; especially if it is dynamic and moving, like a real-world economy of living human beings. Cherry picking quotations and leaving off half-sentences only leads to out-of-context half-truths. Wouldn’t it be more correct to cite the full sentence rather than citing half the sentence?
      .

      Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. ~ The Full Quotation

      .
      I do not consider that this kind of citation contributes to a serious thinking, but only exemplifies self-serving carping critics willingness to misquote and misrepresent meanings and values.

  2. thomasntunstallyahoocom
    March 3, 2021 at 5:56 pm

    Keynes was mostly right. It’s interesting to see how much of his thinking got left out of modern economic theory. https://www.amazon.com/dp/1982920610/?coliid=I1WZ7N8N3CO77R&colid=3VCPCHTITCQDJ&psc=1&ref_=lv_ov_lig_dp_it

  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.