How not to win an economic argument

Criticising economic models without paying attention to the context in which they're produced is like debating a word without a sentence -- amusing, but ultimately pointless.

A critique of a yet-to-be-published paper of mine (“Loanable Funds, Endogenous Money and Aggregate Demand”, forthcoming in the Review of Keynesian Economics later this year; the link is to a partial blog post of that paper) by non-mainstream economist Tom Palley reminds me of one of my favourite ripostes by a politician, back in the days before spin doctors stopped them saying anything offensive -- or indeed anything interesting.


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