tensions versus contradictions

the end of liberal thought
ie respectable academic thought
   is the posing of a tensional relationship(s)

antinomy to use another word for it
    with at least large  over lapping signifigance

why the non use of the word  contradiction ??
or dialectical

one might venture a guess

neo classical developments in a nut shell

some time in the late 60's the neo classicals abandoned the real economy
the production systems markets for the financial cloud economy above it

there they set up camp with all the old verities restored to full honors

the spell over both pk and taylor

permanent income hypothesis uncle milty
    one of akerloffs big five

the independence of consumption and current income
 (the life-cycle permanent income hypothesis);

the irrelevance of current profits to investment spending (the Modigliani-Miller theorem);

the long-run independence of inflation and unemployment (natural rate theory);

the inability of monetary policy to stabilize output (the Rational Expectations hypothesis);

 the irrelevance of taxes and budget deficits to consumption (Ricardian equivalence)

pk joins hands with taylor

"the tax cuts that made up much of the stimulus were probably largely saved"

  the transfer system ineffective at system stablizing

that must include auto stabs how could it not ??

nothing is less perminent in income flux then auto stab action eh ???

not sure why this hasn't received direct address

more taylor

"Small or unreliable multipliers, the legacy of increased debt, the unpredictability and temporariness of such policies "

taylor in contradiction ????

"The theory that a short-run government spending stimulus will jump-start the economy is based on old-fashioned, largely static Keynesian theories. These approaches do not adequately account for the complex dynamics of a modern international economy"
"In a simple Keynesian model, all the government has to do to combat a recession is quickly increase government purchases, but the difficulty with doing so in practice is one of the classic arguments against discretionary fiscal policy"

"automatic stabilizers ...help stabilize the economy,"

john taylor projects