More Economics.

JOHN MAYNARD KEYNES (1883-1946)

Assigned reading "Introduction by PAUL KRUGMAN to 'The General Theory of Employment, Interest and Money' by JOHN MAYNARD KEYNES".

"I find it helpful to describe it as a meal that begins with a delectable appetizer and ends with a delightful dessert, but whose main course consists of rather tough meat" [KRUGMAN on "The General Theory"]

We are all Keynesians.

KEYNES was writing during the 1930's when America was going through a "deflationary gap", of which there was more goods than money. Resources appeared to be limitless which led to advancements in mechanised agriculture. With new invention came new investment. "The Money Effect"  - Money has the power to affect human behaviour.

His Economic Philosophy was that 'money matters'. The economy should remain in a stable state of "Equilibrium" whereby the amount of money should match the amount of goods. In the event of a recession, for example, the economy goes through a process of "Disequilibrium" A products value increases as the money supply pumped into the economy decreases. This leads to negative economic growth.

Miscarriages of Justice: Paul Blackburn

"How can they put you in prison for something you haven't done?"

After spending 25 years in prison for a crime he didn't commit, Paul Blackburn took time out to talk to the 2nd year students about his ordeal.

At the age of 15, Blackburn was convicted of attempted murder and attempted sexual assault against a minor. There was no identification and no forensic evidence against him. He was forced to sign a confession and was given a discretionary life sentence of 99 years.

He described prison as "one of the loneliest places you can be" but refused to become a victim. Throughout his sentence he continued to appeal his innocence. Starting with the BBC's "Rough Justice" in the 80's, who rejected his appeal and later to the Criminal Cases Review Commission (CCRC). After 27 years of appealing, the case against him was proven false and he was released on 17th March 2003.

Nine years on, he has become involved in Innocence Network UK (INUK), attending conferences around the UK continuing his campaign for Justice.

His message: Never underestimate the value of freedom.

Watch the exclusive WINOL interview here:
http://winol.co.uk/wrongfully-imprisoned-for-25-years/

L2: "Empiricism vs. Idealism"

KARL POPPER (1902-1994)

"Logical Positivism" The Vienna Circle (FREUD, WITTGENSTEIN). Attack on Empiricism. Metaphysics as "gibberish" consisting of theories that have not been verified. Rejection of DESCARTES, his Cogito branded a "non-verifiable induction". Something that cannot be proved through aposteriori reasoning.

POPPER was against the scientific process of induction. Like HUME, he saw the process of induction as "unreliable" but necessary in the quest for truth. 

"Hume has proved that pure Empiricism is not a basis for science... without the principle of induction, then science is impossible" (page 612)

In "The Open Society and it's Enemies" POPPER explains how the state should leave maximum room for self-correction in order to minimise suffering. Each law should be highly experimental. There is no 100% knowledge, therefore everything is untrue/falsifiable. Otherwise known as "The Theory of Falsification".

L1: "Science and Certainty"

BACON, NEWTON, EINSTEIN.

"Mechanistic Materialists" - The world as a machine.

Science as the search for the truth. The separation of Mind and Reality. Two forms of knowledge according to KANT (1724-1804). Apriori and Aposteriori. One true "by definition". The other learned through experience.

Object ---> Phenomena (perceived) ---> Noumena (unperceived) 

When an object is unperceived, "noumenal", it becomes a "thing-in-itself". SCHOPENHAUER (1788-1860) believed in the world as a "thing in itself", whereby, it is necessary for existence.

The Cartesian belief of Solopsism. The idea that only you exist and everything else is a dream. "I think, therefore I am". Apriori reasoning of the phenomenal, external world.

Modern Theoretical Physics. The idea that there was no time before time. We view the world through "space time goggles". We see the world in 3D because we, ourselves, are 3D beings. Time as a mental phenomena. [EINSTEIN] - "The Verification Principle" "The truth is of any proposition is the way in which you verify". Supportive of BACON'S inductive method.

NEWTON. The laws of nature from nature itself. Knowledge is objective and independent from perception. Apriori.

Journalists taught to "play dumb". We can know nothing for certain. Aposteriori reasoning of deduction, not induction.