Cambridge Economics in the Post-Keynesian Era The Eclipse of Heterodox Traditions
An essential read.” —Prabhat Patnaik “Brilliantly contextualises the local happenings in Cambridge within the global rise of the ‘neoliberal thought-collective’ … An extraordinary piece of research, lovingly told and immensely worthwhile.” —Servaas Storm Using fresh archival materials, personal acco...
Main Author: | |
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Format: | eBook |
Language: | English |
Published: |
Cham
Palgrave Macmillan
2022, 2022
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Edition: | 1st ed. 2022 |
Series: | Palgrave Studies in the History of Economic Thought
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Subjects: | |
Online Access: | |
Collection: | Springer eBooks 2005- - Collection details see MPG.ReNa |
Table of Contents:
- 2.4.1 The Orthodox Gambit: Capture the External Commanding Heights
- 2.4.2 Carrots and Commanders
- 2.4.3 Modus Operandi: Masters, Mandarins and Interlocking Committees
- References
- 3 Worlds Beyond Cambridge: The Global Web of the ‘Neoliberal Thought Collective’
- 3.1 Conjunctures
- 3.1.1 1930s, The Prelude
- LSE Versus Cambridge
- Émigré Economists: The Benefactions of Lenin and Hitler
- 3.1.2 1940s, The Cascade
- 3.1.3 Keynesianism: Divergent Receptions
- Post-war Affinity in the UK
- Post-New Deal Hostility in the USA
- 3.2 Spreading the Word: Messiahs, Messages, Methods
- 3.2.1 Ideas and Ideologies: Manufacturers and Retailers
- 3.2.2 USA: Early Ideological Entrepreneurs of Libertarianism
- Harold Luhnow: The Volker Fund and its Dollars
- Foundation for Economic Education (FEE) and its Facilitators
- 3.2.3 Europe: Friedrich Hayek and the Mont Pelerin Society
- Antecedents
- Pilgrims Atop a Mountain, Mont Pelerin, Switzerland, April 1947
- Financial Sponsors
- The First Meeting of Minds
- Sarcastic Schumpeter, Sceptical Solow, Scathing Samuelson
- 3.2.4 UK: Antony Fisher, Global Venture Capitalistof Think Tanks
- 3.3 Branding the Message: The ‘Nobel’ Prize
- 3.3.1 The Stockholm Connection: Ideological Entrepreneurs
- 3.3.2 Some Early Awards: Setting the Direction
- Jan Tinbergen—Ragnar Frisch 1969
- Samuelson 1970
- Gunnar Myrdal—Friedrich von Hayek 1974
- Milton Friedman 1976
- 3.3.3 Mont Pelerin Society and the ‘Nobel’—A Golden Embrace
- 3.3.4 Cambridge Heterodoxy?
- 3.3.5 ‘An Ideological Coup’
- 3.4 Reaching Politics: Weaponising the Message
- 3.4.1 Santiago de Chile: Pinochet the Pioneer
- Chicago and its Cowboys
- Thatcher: Romancing Pinochet’s Chile
- 3.4.2 The White House: Reagan, a Disciple
- 3.4.3 10 Downing Street: Thatcher, a Devotee
- More than its Weight in Gold—The Market Price of Symbolic Capital
- 3.4.4 Pulling Together
- 1. Letter WG to RFK 23 May 1974. JVR/ vii/228/3/3
- 2. Letter NK to RFK 20 May 1974. JVR/ vii/228/3/14-16
- 3. Letter from RFK and MP to NK 24 May 1974. JVR/vii/228/3/17-20
- 4. Letter from RFK and MP to NK 28 May 1974. JVR/vii/228/3/24
- 5. Letter from FC to RFK 29 May 1974. JVR/7/228/3/25
- 6. Reply from RFK to FC 6 June 1974. JVR/7/228/3/24
- 7. In the interim, NK replied to RFK and MP. JVR/7/228/3/26
- 8. Letter from NK to RFK. RFK/12/2/132/3
- References
- 7 ‘Unintended’ Collateral Damage? The Cambridge EconomicPolicy Group and the Joseph-Rothschild-Posner SSRC Enquiry, 1982
- 7.1 Joseph—Rothschild—Posner—Godley
- 7.2 The Posner-the-Saviour Narrative
- 7.3 Setting Up the Enquiry
- 7.4 Who Proposed Rothschild?
- 7.5 Rothschild Report Writing Process
- 7.6 The Judgement of Rothschild
- 7.7 Between Draft and Release and Response: Handshakes and Cigars
- 7.8 Did Posner Get Away with Just a Change of Name?
- Volume I
- 1 Cambridge, That Was: The Crucible of Heterodox Economics
- 1.1 The Narrative
- 1.2 Evolutions and Revolutions
- 1.2.1 The Great Banyan of Heterodox Traditions
- 1.2.2 Cohorts
- 1.2.3 The Cambridge Habitat
- 1.2.4 Which Cambridge?
- 1.3 Regime Change
- 1.3.1 The World of Cambridge: Stories Within
- 1.3.2 Worlds Beyond Cambridge: Neoliberalism at the Gates
- 1.4 The Dialectic of Competing Paradigms
- 1.4.1 Laissez-Faire: “Receding at last into the distance”
- 1.4.2 The Force of Ideas
- 1.4.3 Opposition Brewing
- 1.4.4 Evolutions and Hegemonic Incorporation
- 1.4.5 Ideological: Not the Techniques but the Purposes of Economics
- 1.4.6 Sociological: Mathematical Whiz-Kids and Ageing Dinosaurs
- 1.4.7 Beyond Kuhnian Reductionism
- 1.4.8 Mankiw’s Pendulum
- 1.4.9 Solow’s À La Carte Approach
- 1.4.10 Silos and Trenches
- 1.4.11 Joan Versus Hahn—History Versus Equilibrium
- 1.5 Semantics and Pedantics
- References
- 2 The Warring Tribes
- 3.5 Besieging Cambridge: The Chicago–MIT–LSE Trinity
- 3.5.1 A Cross-Atlantic Triangle
- 3.5.2 Diversity of Practice
- 3.5.3 Unity of Purpose
- References
- 4 Camp Skirmishes Over Interstitial Spaces: Journals, Seminars, Textbooks
- 4.1 The Battle of Teruel—The Day before
- 4.2 Journals
- 4.2.1 EJ Leaves ‘Home’—The Loss of a Flagship
- 4.2.2 CJE Arrives—A Forum of One’s Own
- 4.2.3 Cambridge Economic Policy Review: One Crowded Hour of Glorious Life
- 4.3 Seminars
- 4.3.1 Cambridge Economic Club—A Marshallian Precursor: 1884–1890, 1896–?
- 4.3.2 Political Economy Club: From Keynes to Robertson to Kahn—Dazzling to Dour
- 4.3.3 The Marshall Society: A Socialisation into Economics and Its Purposes
- 4.3.4 Piero Sraffa’s Research Students Seminar: A Precocious Nursery
- 4.3.5 In Retrospect, Austin Robinson on the Cambridge Circus: The Engine Room of The General Theory
- 4.3.6 Cambridge–LSE Joint Seminar: Jousting Juniors
- UMich and McCarthyism
- Policy to Forecasting
- Resolution
- 4.4.3 ‘Death of a Revolutionary Textbook’: Robinson and Eatwell
- 4.4.4 An ‘Applied Economics’ Textbook That Wasn’t: Joan and Young Friends
- 4.5 The Battle of Teruel—The Day After
- Appendix 4.1: First off the Blocks: Mabel Timlin’s Keynesian Economics, 1942
- References
- 5 The DAE Trilogy
- 5.1 Origins and Evolution
- 5.1.1 Origins
- 5.1.2 Evolution: Substance and Styles
- 5.1.3 Foundations of Stone
- 5.1.4 Reddaway’s Method: Eclectic Development
- 5.1.5 Godley: Turbulent Times
- 5.2 End of the Golden Age: The Decade of Discontent
- 5.3 The Trilogy: Discrete Episodes or a Serial Campaign?
- Appendix 5.1: DAE—Finding a Good Home
- References
- 6 Cambridge Economic Policy Group: Beheading a Turbulent Priest
- 6.1 Charged Conjuncture
- 6.1.1 Imbroglios of 1974: Old Versus New Cambridge Versus the Establishment
- 6.1.2 The Enigma of Kahn
- 7.9 CEPG—Collateral Damage? Or, Traded Down the River?
- 7.10 The Rothschild Report: Gleanings on Macroeconomic Modelling
- 7.11 Lord Kaldor—Off the Record, Off the Cuff, Off the Mark?
- 7.12 Lord Harris’ Vitriol
- 7.13 Catholicity and Independence
- 7.14 Rothschild’s Last Word
- 7.15 Joseph’s Last Laugh
- References
- 8 Cambridge Growth Project: Running the Gauntlet
- 8.1 Background and Conjuncture
- 8.1.1 The Decision
- 8.2 Substantive Issues
- 8.2.1 No Innovation?
- 8.2.2 Catholicity, Turnover and the Value of Disaggregation
- 8.2.3 Use of Input-Output Tables
- 8.2.4 CGP Presence in PolicyDebates
- 8.2.5 Insularity
- 8.2.6 On Exploiting the Cheap Labour of Graduate Students
- 8.3 Issues of Procedural Probity
- 8.3.1 Shifting Goalposts Across Evaluations
- 8.3.2 Unequal Application of Criterion of Commercial Funding
- 8.3.3 Public Good or Private Resource?
- 8.3.4 ESRC Ignored CGP Model Performance: Why?
- 2.1 A Sanctuary of Sages
- 2.1.1 Class to Community: The Cement of War
- 2.1.2 Community to Conflict: Cement to Sand
- 2.1.3 A Pride of Savage Prima Donnas
- 2.2 Faculty Wars
- 2.2.1 Paradise Lost
- 2.2.2 Fault Lines Within
- Wynne Godley: No Legacy No Synthesis, No Textbooks—The Samuelson Factor
- Shifting Student Preferences?
- “Irrelevance” and Irreverence: Joan and K-Theory
- Inbred Insularity, Complacency
- Simultaneities in the Demographic Lifecycle
- Lack of Internal Group Coherence
- The Heterodox Camp: No Chairs—Sorry, Standing Room Only
- A Break in Intergenerational Transmission, in the Reproduction of Traditions
- 2.3 Godfathers, Uncles and Nephews: The Gathering Foe
- 2.3.1 The Trojan Horse: By the Pricking of My Thumbs
- 2.3.2 Forming the Academy
- Meanwhile, at the Orthodox Party—A Merry Game of Musical Chairs
- 2.3.3 The Chess Master
- 2.4 The Campaign: How the War Was Lost and Won
- 4.3.7 Kahn’s ‘Secret’ Seminar at King’s: Fires in the Kitchen
- 4.3.8 The Richard Stone Common Room: Typhoo and Typhoons
- 4.3.9 Ajit Singh’s Political Economy Seminar at Queens’: Young Turks
- 4.3.10 Arestis and Kitson Political Economy Seminar at St. Catherine’s College
- 4.3.11 Hahn’s Churchill Seminar: OnlyMaths and Neoclassicals, Others Beware
- 4.3.12 Cambridge Growth Project Seminar at DAE
- 4.3.13 Hahn’s ‘Quaker’ Risk Seminar: The Rising Tide
- 4.3.14 Matthews’s CLARE Group: The Master’s Lodge of Moderate Practitioners
- 4.3.15 Lawson—Realism and Social Ontology: Ways of Seeing and Framing
- 4.4 Textbooks
- 4.4.1 Distant Thunder: Keynes and McCarthy, Tarshis and Samuelson
- 4.4.2 Lawrence Klein and the Paradox of The Keynesian Revolution
- Puzzle
- Ph.D.—At Samuelson’s Feet
- Cowles Commission—The New Dealers
- The Keynesian Revolution: The Extra Chapter— Klein, Then a Closet Marxist?
- Beyond Keynes
- 6.1.3 Kaldor: On Radical Policy Implications of New Cambridge, 1976
- 6.1.4 Cambridge Squabbles: Spillover into Whitehall?
- 6.1.5 Triggering Crisis: The Pivot of the OPEC Price Hikes
- 6.1.6 1979: Enter Margaret Thatcher, Right-Wing, Upfront
- 6.1.7 The Case of the Odd Consensus: The Letter by 364 Economists, 1981
- 6.1.8 Thatcher in the Garage of the Federal Reserve
- 6.1.9 1981: Brixton Riots, Toxteth Fires: “A Concentration of Hopelessness”
- 6.1.10 TheCEPG: A Thorn in the Thatcher Hide
- 6.1.11 The Bogey of Import Controls and the Spectre of Bennism
- 6.2 SSRC and CEPG: Dispensing Instant Injustice
- 6.2.1 Posner’s Parlour
- 6.2.2 Posner’s Process
- 6.3 Epilogue
- 6.3.1 Vengeance
- 6.3.2 The Team Scattered
- 6.3.3 The Model Reincarnated
- 6.3.4 The Rehabilitation of Wynne
- 6.3.5 Wynne Godley: ‘My Credo’ …
- 6.3.6 The Pacification of the CEPG
- Appendix 6.1: Old Cambridge, New Cambridge, 1974: and All the King’s Men
- 8.3.5 Compromised ‘Independent’ Evidence
- 8.4 Other Concerns
- 8.4.1 ‘Reds’?
- 8.4.2 Crowding Out Competitors?
- 8.4.3 Deadweight Loss of Built-up Intellectual Capital
- 8.4.4 Gratuitously Offensive: Up Close and Out of Order
- 8.4.5 The Consortium: ‘Revived Talk of Conspiracy Theory’
- 8.4.6 In Def