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I agree that Leijonhufvud is one of the most serious interpreters of Keynes there is. Good papers to link to, Pete.

Just want to point out I've been linking to these AL papers as they appeared.

Frydman & Goldman's book should also be discussed.


Would you consider AL to be an Austrian economist, or would you only go as far as to say that he has made contributions valuable to modern Austrian economics?

I would consider AL to be a fellow traveler in macro. Like Yeager and Hutt, he's not an Austrian, but I think one cannot do good macro without insights from all of them. My Routledge book is as much Yeager, Hutt and AL as it is Mises, Hayek, Garrison, Selgin, White, et. al..

Pete, I feel like one of those disgraced ministers in Stalin's Russia who ends up getting doctored out of the official photos! Still I seem to recall teaching a monetary economics class, attended by some young Austrian whippersnappers, not in the early but in the mid-80s, the reading list for which included heavy doses of Leijonhufvud (I believe I assigned all of Information and Coordination), Clower, and Yeager, among others.

But maybe you guys already "were educated" in all that stuff before you took the class and were just too darn polite to tell me!

Well George I count you as part of my generation not Roger, Jerry and Larry's. Moreover, yes we were required to read all those guys before you joined the staff in macro 2, and in my instance remember that Yeager actually taught at GMU before he moved to Auburn.

But no doubt you are a major player and I meant no oversight.

Achh,you really were being polite! I entirely forgot that Yeager was at GMU before me. No wonder everyone did so well in my class.

And no matter what you say, I still think of you and Steve and the others as bright young turks!

Was Yeager a visitor at GMU? I thought he went straight to Auburn after leaving U.Va.

Yes, Barkley. He was originally set to join GMU, but said famously "I did not retire from Charlottesville to move to Fairfax and worry about 'parking strategms'".

He taught monetary economics, and began the class with the money speech from Atlas Shrugged. I believe (but might be wrong) is that Bill Woolsey took Yeager's class at that time.

Economics is a coordination problem, and Leijonhufvud made a major contribution to that literature. His economics and Austrian economics overlap.

Both Leijonhufvud's Wicksell and his Keynes often come off as Hayekian. Keynes of the Treatise was broadly in the same camp as Wicksell and Hayek. That was noted at the time by Hayek's student, Vera Smith, and later by Schumpeter.

Roman Frydman was a colleague at NYU, and I co-authored a paper with him (and Andy Schotter).

The first few chapters of Krydman & Goldberg is terrific.

After showing his own understanding of the current American Crisis, Leijonhufvud (in an article titled "Keynes and the crisis", explained that "[t]his, of course, does not make a Keynesian story. It is rather a variation on the Austrian overinvestment theme."

This shows two important aspects. 1) He is an open-mind keynesian economist; 2) He could never undertand correctly the ABCT (as Krugman, he has never seen the ABCT as a mal-investment theory).

By the way, Daniel Heyman was my professor of macroeconomics at the University of Buenos Aires. He was known as the most important professor at the hole university and he has also completed his dissertation under Leijonhufvud.

Taking a look to Leijonhufvud students we need to conclude that he is an excelent professor!

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