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Revisiting KeynesEconomic Possibilities for Our Grandchildren$
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Lorenzo Pecchi and Gustavo Piga

Print publication date: 2008

Print ISBN-13: 9780262162494

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262162494.001.0001

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All the Interesting Questions, Almost All the Wrong Reasons

All the Interesting Questions, Almost All the Wrong Reasons

(p.161) 12 All the Interesting Questions, Almost All the Wrong Reasons
Revisiting Keynes

Michele Boldrin

David K. Levine

The MIT Press

This chapter makes a bold argument: Keynes got his facts and his entire economic theory wrong. Despite this, however, he asked the right questions and got his guess about the future right. Had Keynes paid attention to logical consistency and presented facts to convince his audience of his arguments, we would have been saved from years of poor economic advice, and he could have spared academic economists a never-ending debate about what he “really meant.” This chapter begins by presenting the questions posed by Keynes, which are considered among the most important an economist may dare to ask. This is followed by his answers and a discussion of how and why, despite guessing it right, he got all the “reasons” wrong.

Keywords:   economic theory, right questions, logical consistency, poor economic advice, academic economists

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