By Tony Benn
Publish yr note: First released October 4th 1990
In this, the fourth quantity of Tony Benn's diaries, the Labour executive keeps its struggle for survival. vital advancements are taking place either at domestic and across the world. In Britain, Benn as Secretary of nation for power is at once concerned with Windscale and judgements approximately nuclear strength and oil coverage. overseas, the govt is worried with Carter's reappraisal of yank overseas coverage, the overthrow of the Shah of Iran and difficulties of EEC membership.
In the Labour occasion itself, new forces of radicalism and reform are rising, leading to adjustments in Labour's rules and the final word formation of the SDP.
Labour's unsuccessful financial coverage and the widening rift with the labour flow result in the iciness of Discontent and a close to kingdom of emergency. With Labour citizens defecting, the scene is decided for the Thatcher years.
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Additional info for Conflicts of Interest: Diaries, 1977-80 (Tony Benn Diaries, Volume 4)
7 She was to call this a ‘shameless fudge’ – the assumption that the ultimate equilibrium price and quantity would wait patiently, unmoving, ‘out there’ while individual businesspeople tried by trial and error, groping, to find the equilibrium price to set. That is to say, as she was to point out forcefully, when ‘lecturing’ as a Cambridge economist at Oxford in 1953, path-dependence of equilibrium (or lack of equilibrium) had been ruled out by assumption. She blamed Marshall who had implicitly and sneakily implied a generality when setting out fully a most atypical situation in which pathdependence could be ignored legitimately.
Joan Robinson also points out how Keynes, as with other quantity theorists, was often bamboozled by what the manipulation of identities could do and could not do. She argues that it ‘is idle to say that … abnormal profits cause … new investment [as they are but] a symptom of a situation in which new investment … will take place’. , vol. I, 1951, 57–8, emphasis in original). She noted, too, that Keynes was inhibited by feeling that writing a treatise on money required him to concentrate on issues concerned with the general level of prices, and neglect output and its changes in disequilibrium and equilibrium.
This was not the only time when she misjudged what another author’s feelings could be, especially those of Keynes. Though he ultimately was to welcome her ‘told-to-thechildren’ version of The General Theory, her Introduction to the Theory of Employment (1937a), by writing (20 November 1937) ‘You have been very successful … in simplifying and have skated round the complications beautifully’, initially he was lukewarm about the project, to say the least (see Marcuzzo and Sardoni, 2005, 177). ) 1992, 300–1).