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Published online by Cambridge University Press: 05 July 2013
“Tis a pitiful tale,” said the Bellman, whose face
Had grown longer at every word:
“But now that you've stated the whole of your case,
More debate would be simply absurd.”
Lewis Carroll, The Hunting of the SnarkIn a 1972 volume of economic essays, Gunnar Myrdal describes the Keynesian Revolution as “mainly an Anglo-American occurrence. In Sweden, where we grew up in the tradition of Knut Wicksell, Keynes' works were read as interesting and important contributions along a familiar line of thought, but not in any sense as a revolutionary break-through” (Myrdal, 1972, pp. 4–5). This description applies with particular force to Bertil Ohlin, as indicated by the concluding paragraph of his 1937 “Notes on the Stockholm Theory of Savings and Investment”:
In his attempt to bring about a coordination of economic theory Keynes does not – at least from the Stockholm horizon – appear to have been radical or revolutionary enough. The equilibrium method instead of process analysis in which not more of the equilibrium idea is left than consideration of more or less stable positions, the insufficient distinction between “realisations” and “expectations,” the retaining of physical marginal productivity, the disutility analysis of labour supply, in a way also the aggregate supply function, are all evidence of an exaggerated conservatism in method which has hampered his work.
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