Tuesday, October 14, 2008

State’s fact is No change

TCA SRINIVASA-RAGHAVAN occasionally asks this question when many Indian especially the so called liberal turn to (re) call what J M Keynes said “"When the facts change, I change my mind, What do you do, sir?" how “did once say, though, that when faced with new facts he changed his opinions? How should the theoretical stance of macroeconomics change when orthodox Keynesianism still rules the roost as a way of looking at the economy, namely, through the prism of demand?”

As I wrote here
The “facts are stubborn things, and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence- John Adams. (Basic Economics by Thomas Sowell, p.21).

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