Steve Kates gives Ross Gittins another lesson

Steve Kates’ says: “Gitt[i]ns wrote about how original Keynesian ideas were when first put forward in 1936 and I pointed out that these supposedly original ideas were part of an ancient tradition in economic thought that had until then been universally rejected by the mainstream of the profession.” What Kates is responding to is this statement from Gittins:

There aren’t many new ideas in economics, just old ideas tarted up. Keynes’s ideas were new, however. The ”neo-classical” orthodoxy of his day said recessions couldn’t happen, so it couldn’t explain the Great Depression of the 1930s and had no policies to end it.

(The emphasis there is my own.) It is a pity that the newspaper did not print a correction or at least Kates’ letter to the editor. Evidently, there were insufficient mistakes in Kates’ letter to make it suitable for publication in The Age. For more see Kates at Quadrant Online here.

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One Response to Steve Kates gives Ross Gittins another lesson

  1. John says:

    Hi, I am from Melbourne.
    Steve is also on record at Quadrant claiming that anyone, including Rick Perry and Michelle Bachmann would be preferable to Barack Obama.

    All I can say is be very careful what you pray for!
    Do you really think that what is presented in this video offers any real solutions to anything?
    Goebbels would have loved it.

    Christian Fascism as predicted by Sinclair Lewis.

    Noam Chomsky is probably not your favorite person but I would suggest that you check out his interview on Democracy Now titled: The 2012 GOP Candidates Are Off the International Spectrum of Sane Behavior.

    Quite so, say I.

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