Vulgar Keynesians by Paul Krugman
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Description: John Maynard Keynes himself was a magnificently subtle and innovative thinker. Yet one of his unfortunate if unintentional legacies was a style of thought--call it vulgar Keynesianism--that confuses and befogs economic debate to this day.
Slate - Dismal Scientist - February 6, 1997 A penny spent is not a penny earned? (1,799 words; posted Thursday, Feb. 6; to be composted Thursday, Feb. 13) Economics, like all intellectual enterprises, is subject to the law of diminishing disciples. A great innovator is entitled to some poetic license. If his ideas are at first somewhat rough, if he exaggerates the discontinuity between his vision and what came before, no matter: Polish and perspective can come in due course. But inevitably there are those who follow the letter of the innovator's ideas but misunderstand their spirit, who are more dogmatic in their radicalism than the orthodox were in their orthodoxy. And as ideas spread, they become increasingly simplistic--until what eventually becomes part of the public consciousness, part of what "everyone knows," is no more than a crude caricature of the original.
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| Keywords: | Dismal Science, The;Slate;slate;SLATE;Krugman, Paul |
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