Keynes, Uncertainty and the Global Economy
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Keynes, Uncertainty and the Global Economy

Beyond Keynes, Volume Two

Edited by Shelia C. Dow and John Hillard

The revival of interest in Keynesian economics since the late 1980s reinstates the importance of Keynes’s contribution to economic theory and policy. This is the second of two volumes in which authoritative contributions are presented by an outstanding group of international experts to celebrate Keynesian economics, and to review and further the developments of post Keynesian economics of recent years.
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Chapter 7: Keynes's views on information

Beyond Keynes, Volume Two

Sohei Mizuhara

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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 is the inside (J. Derrida) 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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