[PEN-L:9722] Re: Gen. Equilibrium

["Rod Hay" <rodhay@xxxxxxxxxxx>]

Keynes exaggerates and Blaug misleads. There was macro-economics before
Keynes, (mostly of the monetarist variety) but there is no doubt that
partial equilibrium economics a la Marshall ruled the day. And lurking in
the background were the Austrians. Few in Britain or USA knew Walras and
Pareto, but they had followers on the continent.

Keynes was arguing mainly against the implied macroeconomics of the monetary
theorists, and policy makers.




----Original Message Follows----
From: Doug Henwood <dhenwood@xxxxxxxxx>

I'm not taking issue with anything really, I'm asking if this is a
fair representation. Keynes makes it sounds like general equilibrium
theory and "the Benthamite contraption" were far from 36 years dead
when the GT was published, though.

Doug




Rod Hay
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