Saturday, June 13, 2009

Schumpeter, Keynes and Fischer

A lot of confusion. My short hand take:

Keynes wanted to slow down the rate of change to technology, using the government Luddite process. Fischer wanted it to speed up using the Mellon liquidation process. Schumpeter wanted change to happen naturally.

They were probably all correct, but they differed in estimating the force of the technology shock.

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