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Allies imposing heavy reparations on Germany. Keynes was a member of the official British delegation and resigned in protest, after which he penned the book in a short span of time. In the negotiations, Keynes had made an impassioned plea to treat Ger-many in a considerate, humane way rather than insist on impos-ing heavy reparation charges.
Keynes' indifference to Schumpeter and Schumpeter's hostility to Keynes stem largely from the fact that Keynes was a lineal descend-ant of the English Utilitarians ' while Schum-peter had no Utilitarian blood in his veins. Keynes regarded worth-while theory as a basis for programs of action. Schumpeter's theory
Jun 19, 2013 · Schumpeter's economy is not a closed system like Newton's universe -- or Keynes' "macro-economy." It is forever growing and changing, and is biological rather than mechanistic in nature.
Dec 1, 2009 · Keynes was viewed by himself, Schumpeter, and most others as the most highly esteemed economist of the twentieth century. However, Schumpeter is receiving increasing attention from mainstream economists. A few specific examples are discussed, and the citation time series for Keynes and Schumpeter are compared for the period 1956 through 2006.
- Arthur M. Diamond
- 2009
SCHUMPETER VS. KEYNES: “IN THE LONG RUN NOT ALL OF US ARE DEAD” - Volume 31 Issue 4
- Arthur M. Diamond
- 2009
[Schumpeter and Keynes] was not a close one personally and professionally"8. The letters seem, therefore, to document that the antagonism between Schumpeter and Keynes arose only later than in 1930. In view of the acerbity of Schumpeter's critique of Keynes' General Theory9, and his rather critical assessment of Keynesian econo
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To start with, Keynes had developed his theory starting from the fundamental observation that an economy spends longer periods in a state of imbalance rather than balance. Mechanistic “Keynesian” teaching, however, guided many generations of economists, into blindly believing that all an economy needs to return to equilibrium is the coordination of fiscal and monetary policies.
