Post Keynesian Econometrics, Microeconomics and the Theory of the Firm

Post Keynesian Econometrics, Microeconomics and the Theory of the Firm

Beyond Keynes, Volume One

Edited by Shelia C. Dow and John Hillard

This is the first of two volumes celebrating Keynes’s contribution to economics, and the development of post Keynesian economics in recent years. It reinstates the importance of Keynesian economics and its revival since the end of the 1980s, and the book’s authoritative chapters are presented by an outstanding group of international contributors.

Chapter 7: Organicism, uncertainty and 'societal interactionism': a Derridean perspective

Man-Seop Park and Serap Kayatekin

Subjects: economics and finance, econometrics, post-keynesian economics


7. Organicism, uncertainty and ‘societal interactionism’: a Derridean perspective Man-Seop Park and Serap Kayatekin Everything is what it is, and not another thing. (G.E. Moore) The outside X the inside (J. Derrida) is I INTRODUCTION An increasing number of authors have recently argued that Keynes’s conception of economics as a ‘moral science’ is based on his conception that the (economic) universe is an organic complex, as contrasted with a plain sum of what Keynes called ‘legal atoms’ (Brown-Collier, 1985; Carabelli, 1985, Lawson, 1985; Winslow, 1986, 1989). Part of the significance of this recent discussion is, as is argued by Hamouda and Smithin (1988), Rotheim (1988, 1995) and Winslow (1989), among others, that the notion of the universe as an organic unity provides strong support for the notion of fundamental uncertainty, which is a crucial notion for many Post Keynesian economists (for example, Davidson, 1978, 1996b; Lawson, 1985, 1994b). There are some (notably, Coddington, 1983) who consider fundamental uncertainty as implying nihilism for economic theorizing; however, according to those authors mentioned above, the notion of fundamental uncertainty is fully compatible with economic analysis once the (economic) universe is considered as organically interdependent. This chapter notes two particular features arising from this recent discussion. First, there are a variety of interpretations of precisely what kind of notion of organic unity Keynes holds. Davis (1989/90, 1994) is of the opinion that Keynes’s notion is the same as that of Moore as advanced in Principia Ethica (but its application is restricted in the...

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