Both Keynes’ and Hayek’s shared the belief that there existed a need to revisit the economic discourse that began in the thirties and involved their respective analyses of growth and the business cycle. This paper looks at these topics and discovers some of the deep methodological, cultural, substantive, and ideological roots of the chasm that existed between Keynes and Hayek. The reasons for the chasm are understood with the aid of Concordian economics, a framework of analysis through which prism both Keynesian and Austrian economists might finally have a serious conversation with one another.
June 26th, 2016
in aa syndication
Written by Steven Hansen
This week Federal Reserve Chair Janet Yellen made her semi-annual pilgrimage to the US Congress to report on monetary policy and the state of the economy. The Chair said the economic outlook was uncertain but "the recent pickup in household spending, together with underlying conditions that are favorable for growth, lead me to be optimistic that we will see further improvements in the labor market and the economy more broadly over the next few years. "
by Philip Pilkington
What if all the world’s inside of your head
Just creations of your own?
You can live in this illusion
You can choose to believe
You keep looking but you can’t find the woods
While you’re hiding in the trees
— Nine Inch Nails Right Where it Belongs
This article concludes the series covering the description of Concordian Economics. The four preceding articles are listed, with links, at the end of this post. Also at the end of this post is Appendix 2 (not included with Parts 1-4), a full list of references for the original paper and acknowledgements to those who have supported the work defining Concordian Economics.