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Societies for the History of Economics

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Subject:
From:
Sumitra Shah <[log in to unmask]>
Reply To:
Societies for the History of Economics <[log in to unmask]>
Date:
Thu, 17 Nov 2011 17:34:35 -0500
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James C.W. Ahiakpor  wrote on: Wednesday, November 16, 2011 2:07 PM
>
"Frankly, I don't understand what Isaac fails to understand about what I
wrote.  I take Keynes at his word, and I accept the views of his
contemporaries that Keynes was capable of clear expressions.  As Roy
Harrod (1936), for example, wrote of him, Keynes was someone "capable of
matchless lucidity.""

Then maybe we should take him at his word when he writes in the concluding notes (last chapter) of GT:

Keynes: Thus, apart from the necessity of central controls to bring about an adjustment between the propensity to consume and the inducement to invest, there is no more reason to socialise economic life than there was before.

And on the next page:
Keynes: ... there will still remain a wide field for the exercise of private initiative and responsibility. Within this field the traditional advantages of individualism will still hold good...But above all, individualism, if it can be purged of its defects and its abuses, is the best safeguard of personal liberty in the sense that, compared with any other system, it greatly widens the field for the exercise of personal choice. It is also the best safeguard of the variety of life, which emerges precisely from this extended field of personal choice, and the loss of which is the greatest of all losses of the homogeneous or totalitarian state.

Sumitra Shah

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