By G. Harcourt
The eminent post-Keynesian economist Geoffrey Harcourt records the improvement of key concerns and debates in glossy economics. this feature of essays specializes in the theoretical discussionsin Cambridge at this time.
The writer comprises analyses of contemporary capitalism and the debates surrounding this, in addition to surveys of recent fiscal traditions, tributes to influential thinkers identified to the writer, overview articles and autobiographical essays.
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Additional resources for The Making of a Post-Keynesian Economist: Cambridge Harvest
Sample text
Horses for Courses’ 19 period. I wrote the first draft in 1966 and sent it to the Oxford Bulletin. It was refereed by G. B. Richardson, an unsung hero of British economics. He liked the idea but found a serious flaw in the argument. I put the paper aside and it was not until I ended a three-week spell in hospital in 1974 and went straight from hospital to a seminar by Kenyon that the solution came to me. I wrote out the skeleton of the argument when I got home that night and asked Peter to put the flesh of scholarship on it for the first draft.
I started at the level of the individual firm faced with Salter isoquants for its investment decision and asked: what investment–output and investment–labour ratios would be chosen, according to the rules used, and could anything in general be said about the ordering of the ratios which resulted? Western governments then, especially in the UK, were experimenting with all sorts of investment–incentive schemes, so I also did a taxonomic analysis of the effects on the choice of technique adopted of different schemes – accelerated depreciation, investment allowances, cash grants, and so on – when they in turn were combined with the different investment–decision rules.
The latter drew on a review (Harcourt, 1997b) I wrote of Joe Stiglitz’s 1990 Wicksell Lectures, Whither Socialism? (Stiglitz, 1994, 1996), and a review article (Harcourt, 1997c) of Kaldor’s 1984 Mattioli Lectures (Kaldor, 1996). Stiglitz’s lectures contain one of the best internal critiques I have ever read of mainstream economics (taken by him and Kaldor to be represented by the Arrow–Debreu model of general economic equilibrium (AD)). indd 35 12/23/2011 4:55:43 PM 36 Autobiographical Essay capitalism is the greatest ever generator of change through endogenous technical advances.