Jesús Muñoz

Confirming Robinson’s Statement? A Lakatosian Analysis of Keynes and his Immediate Orthodoxy Jesús Muñoz Abstract Was the Keynesian message alive during the second half of the XXth Century, or was it betrayed by his followers? This article in the fields of the history of economic thought and methodology contrasts the Scientific Research Programmes (SRPs), a Lakatosian concept, of Keynes in The General Theory of Employment, Interest and Money (TGT) with those of its immediate orthodox schools: Monetarism (MS), Neoclassical Synthesis (NS), New Classical Macroeconomics – rational expectations – (RE) and General Disequilibrium (GD). The objective is to to assess the immediate impact of Keynes’s vision in economics. It can be concluded according to this comparison that Keynes’s bequeath was alive during the period between 1950 and 1980, but that it was accepted under different names. Many economists deny this statement. However it is hereby argued with the help of Lakatosian methodology that in both economic and philosophical terms the MS, NS, RE and GD SRPs are degenerative variants of Keynes's SRP. The Keynesian reasoning chain -a non self-regulated system, non neutrality on the part of money, organicism, non-ergodicity, historical time and uncertainty- is misunderstood and hence misapplied on the part of these deviant schools, or transformed into “bastard Keynesianism”, to quote Joan Robinson (Joan Robinson, 1975[1973], 125). In other words, Keynes’s economics is different from Keynesian economics as was firstly proposed by Axel Leijonhuvfud (Leijonhuvfud, 1968). The internal history of macroeconomics in those periods is undertaken, since it is is the rational reconstruction of the meaning of a SRP. Section 1 is an introduction to basic concepts related to philosophy of science and methodology, especially Lakatosian methodology, which can be skipped by the specialized reader. Section 2 is an analysis of Keynes’s hard core in his SRP, also being an introduction to the problem as it outlines Keynes’s thinking, Section 3 describes initial Post Keynesianism, which was faithful to the original message. Sections 4, 5, 6 and 7 outline the hard cores of Monetarists, Neoclassical Synthesis, New Classical Macroeconomics and General Disequilibrium, respectively. Section 8 is a comprehensive analysis of the differences between the mentioned paradigms, and hence concludes. References are listed at the end of the article.

It is difficult to advance a point beyond what Keynes himself commented about his own vision in The General Theory of Employment, Interest and Money in 1936 (hereafter TGT) in its Chapter 24. It is also difficult to express a deeper thought than what Skidelsky wrote about Chapter 24 of TGT (cf. Skidelsky, 1997). The purpose of this article is to identify whether Chapter 24 of TGT is the gist of Keynes’s legacy, having set the foundations of macroeconomics in the previous 23 Chapters. Relevant topics included in Chapter 24 are the consequences of full employment, the fate of income distribution, the future of overall wealth, the socialization of investment, saving, expectations, the role of the State in economies, the future of financial markets and the interaction between economics and other disciplines. Indeed this Chapter displays Keynes’s genius as a social philosopher, following the tradition of The Economics Possibilities for our Grandchildren (1930). In Chapter 24 he was taking a glance at his product as did Phillip II when he was observing the construction of his castle El Escorial in XVII Spain. Within his vision, is this piece of work a justification of capitalism? Keynes sees the State as both the spender and the employer of last resort, thereby proposing a new role for the government (Skidelsky, 1998). He also suggests a new role for the private sector and reconsiders the interrelation between the two sectors. He is fully optimistic about this issue, which he considers as evolutionary. In addition, Keynes blurs the distinction between economics and sociology, advancing new interdisciplinary hints in his thinking. Keynes is also concerned on the epistemological role of assumptions in order to obtain defensible conclusions. Thereafter the British economist proposes new methods. He was a neo-realist and was against the inductive method. In addition, it can be stated that TGT is grounded on new psychological laws and motivations, that is, on a new vision of humankind, especially the analyzed chapter. His topics are the bypassing of Classical Economics; the destiny of macroeconomics in both theoretical and policy terms, highlighting new roles for interest rates; savers and rentiers; and the relevance of the concepts of ideas, interests and power. In all these respects Keynes is once again far ahead of his time. Finally a debatable topic dealt with by Keynes in Chapter 24 of TGT is 1 PhD in Economics, Lancaster University, UK; Professor-researcher at ISEC Universidad de Negocios, Mexico City. socialisation of investment. This is in words of Skidelsky, a shift in the balance of social power. Keynes is thus in Chapter 24 of TGT a visionary and an idealist, a reformer, and certainly a trans-generational thinker. When he talks about the passion of thriftiness and the setting of reasonable financial rewards arising from financial instruments he is advancing explications for financial crises in terms of speculation. The open conclusion is that Chapter 24 contains the gist of Keynes’s mature philosophical thinking and legacy, confirming that for him attitudes are one of the most relevant issues in life. In addition, he considers that both social and psychological elements are necessary for a thorough understanding of economic issues and their consequences, such as peace and happiness. Section 1 is an introduction. Section 2 is both a literature review and a summary of Keynes’s general philosophical insights. Section 3 is an analysis of Chapter 24 of TGT in the specific fields of Epistemology, Ethics, Ontology, and Political and Social Philosophy. Section 4 is a conclusion. References are listed at the end of the article. Keywords: Keynes, philosophy of economics, social philosophy, epistemology, method, ethics, ontology, uncertainty, full employment, income distribution, wealth, euthanasia of the rentier, saving, socialization of investment, O’Donnell, Carabelli, Fitzgibbons, Skidelsky.

El objetivo de este artículo es el análisis crítico del concepto de “servidumbre voluntaria” y sus implicaciones para la libertad que plantea Étienne de la Boétie y su relación con el deseo natural de libertad. En particular se analizan algunas ideas de la obra Discours de la servitude volontaire (1576) comenzando por una introducción general y las implicaciones de la obra en la historia de las ideas políticas. La parte central radica en el problema que plantea para la sociedad el deseo de servir de los hombres o, en otras palabras: el deseo de esclavitud y rechazo de la libertad. Todo ello va contra la naturaleza humana según La Boétie. Estos problemas son los que se discuten a partir de un planteamiento de teoría política que va contra el “pensamiento único” y que destaca algunos de los errores conceptuales del autor desde la óptica de la “realidad política” y la poca relevancia que tienen los estándares de perfección para una organización político-social factible.

Plant growth-promoting bacteria have been extensively studied, because of different mechanisms to perform phytostimulation, as well as the abilities to colonize plants. The number of crop types and hectares of agricultural land, where PGPR are applied is low compared with the total crops or farming area. However, the PGPB application in crop fields is increasingly becoming more accepted due to the advantages to crops and environment such as the increment in productivity, the diminution in the use of chemical fertilizers and toxic compounds such as pesticides and herbicides. These traits make beneficial bacteria formulations the ‘right choice’ in healthy agriculture since they are highly compatible with sustainable crop production. The co-inoculation of plants with two or more beneficial bacteria apparently provides greater phytostimulation than mono-inoculation, perhaps because of the synergistic and multifarious effects occurring when two or more microorganisms are co-interacting. There is a consensus that bacterial mixtures provide greater benefits to the plants, the number of formulations containing more than three species of microorganisms in consortium is still limited. Therefore, we believe that more research and investment is needed to design and formulate multi-species inoculants containing compatible bacteria and other beneficial microorganisms in order to be capable of coexisting both in the designed Formulation and associated with plants for sustainable benefits.

No es fácil la tarea que aquí nos proponemos. Y no es fácil porque resulta harto difícil tratar de llevar a cabo una exposición del personalismo contemporáneo sin caer en la trivialización más absoluta al exponer esta tendencia del pensamiento en sus distintas facetas, matices y figuras. Esto último debemos dejarlo a un lado y tratar de reflexionar acerca de una serie de problemas que el movimiento personalista suscita. A tal efecto, nuestro trabajo consistirá en el desarrollo de una triple temática que surge a raíz de un triple interrogante en tomo al problema que nos ocupa: ¿qué es el personalismo?, ¿cuál es la base teórica que anima esta tendencia del pensamiento? Y, por último, ¿cuál es su proyección praxeológica en la forma y manera en que la última pregunta llena de contenido la primera de ellas?