February 20, 2020

ECLECTICS:WHAT DID WE LEARN FROM KEYNES?PART 4

first to discover how good time influences bad time and bad time influences good time,a self generated business cycle that became popular thereafter.He warned if care was not taken,the capitalist would not be able extract itself from bad time and that the crash was inevitable.American capitalism paid dearly for productivity to be regained,had to fight two world wars to generate increased productivity,and Marx indeed was a prophet.While David Ricardo and Thomas Malthus,had prophesied a limit to economic growth,Marx and Joseph Schumpeter struck and overwhelmed by the boom and burst cycles of economics,almost towed the same line but Schumpeter eventually totally disagreed.Schumpeter invariably banked his prospect on the boom side of business cycle,contrary to the former's belief on the burst.Schumpeter gazed at the boom side and called it"Regeneration"and was fond of the dynamic nature of capitalism where the boom and burst cycle could be likened to a system undergoing continual metamorphosis,often in a state...

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