Thursday, April 11, 2013

Shackle on Hayek and Keynes

'Shackle, in his forward to the first English-language edition of Wicksell's Value, Capital, and Rent (1893), was explicit in highlighting the Wicksell connection between Hayek and Keynes. Referring to the "paradox" that two opposing theories could both invoke Wicksell's name, Shackle argued that "the flat contradiction in which the two theories seemed to confront each other was a illusory; they were no more contradictory than the two statements, if a stone is denser than water it will sink, and if a cork is less dense than water it will float."' -- Goodspeed, Rethinking the Keynesian Revolution, p. 147

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