#knowledge
"Though he died in 1946, Keynes still dominated economics at Cambridge in the mid-1960s. It wasn't just that all the leading figures among the faculty, Richard Kahn, Joan Robinson, Brian Reddaway, David Champernowne, Nicholas Kaldor, and James Meade, had been his pupils and/or collaborators. It was the tone of the place. The study of economics, theoretical or empirical, was driven by the desire to improve the conduct of economic policy. This did not mean that pure theory was neglected. Indeed, in those years Robinson was fighting a stirring battle in the realms of high theory with Paul Samuelson and Robert Solow from the Massachusetts Institute of Technology. Nor was Cambridge innocent of the cutting edge of econometric technique. Richard Stone, who, following Keynes's suggestions, had created the first modern national income accounts, was still director of the Department of Applied Economics where much of modern econometrics was pioneered. Nonetheless, we were taught that theory and technique should serve the higher cause of rational economic policies, and to use our newly learned econometric expertise to write essays on unemployment, or inflation, or the balance of trade, or some other topic at the top of the current political agenda."
React to this quote
More by John Eatwell
See allResonant Thoughts
Explore Further
Related Quotes
"I'm not religious or anything like that. a little more spiritual something or other.. .A little more 'feeli…"
— Joan Mitchell"Study Guide for Stanislaw Lem: Solaris"
— Stanisław Lem"Tea, though ridiculed by those who are naturally coarse in their nervous sensibilities … will always be the…"
— Thomas De Quincey"I know that you are looking for the Blue Bird, that is to say, the great secret of things and of happiness,…"
— Maurice Maeterlinck"What I know at sixty, I knew as well at twenty. Forty years of a long, a superfluous, labor of verification."
— Emil Cioran"Practically every one. Can you believe it? I'm sure your husbands are thrilled, right? They're thrilled. Wh…"
— Donald Trump
Related Thinkers
Related Topics
Deep Dives
- David Cay Johnston on knowledge
- Norman Angell on knowledge
- Bernard Lietaer on knowledge
- Robin Hahnel on knowledge
- George Katona on knowledge
- David Cay Johnston on politics
- David Cay Johnston on time
- David Cay Johnston on justice
- David Cay Johnston on life
- David Cay Johnston on art
- justice & Beauty
- justice & Change