Hasn\’t Willy Fucking Hutton Ever Actually Read Keynes?

In the 1930s, evolving GPTs helped drive economic recovery, aided by a capitalism that had been reformed after the excesses of the 1920s.

That\’s Willy.

This is Keynes:

I believe that this is a wildly mistaken interpretation of what is happening to us. We are suffering, not from the rheumatics of old age, but from the growing-pains of over-rapid changes, from the painfulness of readjustment between one economic period and another. The increase of technical efficiency has been taking place faster than we can deal with the problem of labour absorption; the improvement in the standard of life has been a little too quick;

As you will note, Keynes analysis is entirely the opposite of Hutton\’s.

The rest of his piece shows that he\’s not read William Baumol either. Invention can indeed be done in the sort of planned and state led environment Willy is ushing. Innovation cannot. That requires the markets, the redder in tooth and claw the better.

One of the aims of the Big Innovation Centre (which I chair)

If you\’re going to pontificate on these matters might it not be a good idea to learn something about them first?

7 thoughts on “Hasn\’t Willy Fucking Hutton Ever Actually Read Keynes?”

  1. Hold on Tim, I think you and indeed most readers of this blog need to apologise.

    Evidently Hutton is an expert in the hitherto unheralded feld of Soviet, PRC, Cuban and North Korean ‘inventions that changed the world’ – surely he deserves more respect?

  2. Also doesn’t the Olympics, with it’s legacy that it is ‘proof the state can pick winners’ (with thanks to @RichardJMurphy ) prove that state funding is desirable?

  3. “Hasn’t Willy Fucking Hutton Ever Actually Read Keynes?”
    Apparently not. But his coloring in of the pictures is widely admired.

  4. Big Innovation Centre.

    Right.

    Sounds like the Dept of Innovation of a certain large company.

    Innovation comes from interested and excited individuals with supportive managements and a few $ to throw around. Not from corporate blow-hards who want to make it all organised. That stifles innovation.

  5. “In the 1930s, evolving GPTs helped drive economic recovery”

    To be fair to Will Hutton, some very good economic historians now think this is true. Alexander Field’s “A Great Leap Forward” combs through reams of data and concludes that the 30s were a time of massive technological innovation (it’s when cars, electrified factories and aviation all went to scale).

    The problem is, this view of the 1930s isn’t especially compatible with Hutton’s support for Keynesianism. In fact, it’s quite Austrian: massive creative destruction took place as the agricultural economy of 1920s America gave way to something more recognisably modern.

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