[OPE-L:6667] Re: Re: Re: The Good Lord ?

From: Allin Cottrell (cottrell@wfu.edu)
Date: Thu Mar 07 2002 - 22:10:43 EST

On Mon, 4 Mar 2002, Rakesh Bhandari wrote:

> I think I read Desai saying somewhere that the future of the theory
> of accumulation remains in a synthesis of Hayek and Marx, not in
> Keynes.

The notion that Hayek has a valuable contribution to make on this (let
alone, more valuable than Keynes's) seems to me fashionable nonsense.
I've studied his cycle theory at some length (paper in CJE a few years
back) and on close examination it's incoherent, as Sraffa said.  He
raises some interesting issues, but makes no headway on them.

Allin Cottrell.

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