Wednesday, November 9, 2011

Keynes & Hayek (was “Re: History of regulation of finance”)

Some blog followers might be interested “Keynes & Hayek (was ‘Re: History of regulation of finance’)” [Hake (2011)]. The abstract reads:

ABSTRACT: In my Dewey-L post “Re: History of regulation of finance” [Hake (2011c)], I responded to Celinda Scott’s (2011a) comments regarding Nicholas Wapshott's (2011) book Keynes Hayek: The Clash That Defined Modern Economics, and attempted to inject some humor into Dewey-L by pointing to the rap parody video “The Fight of the Century” at .

In response, philosopher H.G. Callaway (2011d) criticized my post for diverting the discussion away from the Dodd-Frank act which he thinks should be the centerpiece of serious discussion on the Callaway-initiated thread “Re: History of regulation of finance.”

Callaway’s complaint could probably have been avoided if I had had the good sense to simply title my post “Keynes & Hayek (was ‘Re: History of regulation of finance’).” Then more Dewey-L discussion might have turned towards consideration of the clash of Keynes and Hayek that, according to Wapshott, “defined modern economics.”

Of course, modern economics has had a crucial impact on social conditions and education - see e.g., Hake (2011a,b) - matters of concern to Dewey and therefore properly within the province of Dewey-L, perhaps even more so than the Dodd-Frank act.

On a related matter, I completely disagree with Callaway’s (2011d) assertion that “Re: Castles in the Sky #2” [Hake (2009)] at was “loaded with doubtful comments and links” and “made little or no sense.” That post concerned the sky-castle building of traditional economists such as Alan Greenspan and Lawrence Summers, who seem to regard the economic system as divorced from the ecosystem, a standpoint roundly criticized by ecological economists such as Herman Daly

To access the complete 15 kB post please click on

Richard Hake, Emeritus Professor of Physics, Indiana University
Honorary Member, Curmudgeon Lodge of Deventer, The Netherlands
President, PEdants for Definitive Academic References
which Recognize the Invention of the Internet (PEDARRII)

“Conflict is the gadfly of thought. It stirs us to observation and memory. It instigates to invention. It shocks us out of sheep-like passivity, and sets us at noting and contriving. Not that it always effects this result; but that conflict is a sine qua non of reflection and ingenuity.”
John Dewey, Morals Are Human, Dewey: Middle Works, Vol.14, p. 207

REFERENCES [All URL's shortened by and accessed on 09 Nov 2011.]

Hake, R.R. 2011. “Keynes & Hayek (was ‘Re: History of regulation of finance’), ” online on the OPEN! Dewey-L archives at Post of 9 Nov 2011 10:23:43-0800 to Dewey-L. The abstract and link to the complete post are being transmitted to several discussion lists.

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