Today on the main site:
Comment of the Day Tuesday, October 6th:
Reader
John II on Keynes’
Uncertainty Principle:
A keynote running through all the responses thus far (and
sounded as well in Mr. Skidelsky’s remarks) is that economics
of itself is not adequate to the task of understanding, much
less explaining, the human condition.
I recall with fondness a wise old American history teacher I
had in my undergraduate days who remarked on the brevity and
directness of the US Constitution. He suggested that the
Founders obviously regarded the personal and private sphere of
human relations as belonging to a higher order than the public
and the civic—with the latter arranged in service to the former
and not the other way around. (He was no “individualist”
because he also suggested that the Founders understood the most
basic unit of the larger social order to be the family.)
Amid all this rumination over the shape and motive of the
Constitution, he suggested a metaphor that I have never
forgotten. He said that, in America, the state is (and should
be) fostered primarily not as a controlling agency but as a
referee—a third party on which the private principals in the
game of life depend for knowledge and enforcement of the rules
and for peaceful and disinterested settlements of their
disputes. When the proper roles blur and the state starts
behaving like a player, true freedom is diminished or lost.
My own brief (and that of others on this thread) against what
is broadly called Keynesian economics—which I also had to study
in college back in the 1960s under the tutelage of teachers who
seemed to me to have little of the breadth of learning and none
of the good sense of that American history teacher—is moral.
And I think it may be relevant to the discussion that Keynes
himself suffered a bit of trouble in that department.
What to Watch For:
Ron| 10.7.09 @ 8:39AM
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