Re: New vs. Post Keynesians

[Paul Davidson <PB108928%UTKVM1.BITNET@xxxxxxxxxxxxxxxxx>]

FROM:  Paul Davidson
"      Economics Department
"      523 Stokely Management Center     974-4221
Dear Jim: Yes, to teach students what? How to add ad hoc mechanisms to a
logically inapplicable axiomatic theory to provide theoretical answers to
situations that are logically not applicable to the real world? Don'tyou hope,
at least, that all the tools are based on a logically consistent and applicable
foundation? Or are you trying to teach students how to play intellectual games
where one person in authority (according to the textbooks) thinks up a riduclou
s thing -- say Real Business Cycles -- and then the game is to try to think
of ten reidiculous ways of resolving the ridiculous problem. Speaking
about the Emperor's New Clothes! Only Solow has recognized the transparency
of the garments of the mainstream Emperor and his mandarin ministers. Paul

Have a good day!