Transformational Growth and Full Employment
Edited by Edward J. Nell and Mathew Forstater
Chapter 2: Functional Finance, New Classical Economics and Great-Great Grandsons
David Colander At sea Septr. 1944. My dear Lerner, Your book arrived in London whilst I was away at Bretton Woods. But now again I am on the sea for yet another visit to the USA, and the sea voyage has given me an opportunity to read it. It is a grand book worthy of oneÕs hopes of you. A most powerful piece of well organized analysis with high aesthetic qualities, though written more perhaps than you see yourself for the cognoscenti in the temple and not for those at the gate. Anyhow I prefer it for intellectual enjoyment to any recent attempts in this vein. In the second of the two books which you have placed within one cover, I have marked with particular satisfaction and profit three pairs of chapters Ð chap 20 and 21, chap 24 and 25, and chap 28 and 29. Here is the kernel of yourself. It is very original and grand stuff. I shall have to try when I get back to hold a seminar for the heads of the Treasury on Functional Finance. It will be very hard going Ð I think I shall ask them to let me hold a seminar of their sons instead, agreeing beforehand that, if I can convince the boys, they will take it from me that it is so!1 The above letter from John Maynard Keynes to Abba Lerner celebrating his book The Economics of Control (1944) contains the essence of my view of functional finance:...
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