A Breadth and Depth of Learning

Lonergan brought a great breadth and depth of learning to his discovery of the science of Functional Macroeconomic Dynamics.

Keynes was an economist first and a methodologist second … Lonergan, for his part, was … a methodologist first and an economist second, but he was able to push his economic reflections further than Keynes because he had a firmer grasp of the essentials of an effective theory.  … Lonergan’s critique (shows that) … the emphasis shifts … to searching heuristically for the maximum extent of (functional) interconnections and interdependence; and that the variables (of the mechanism) discovered in this way might not resemble very much the objects (or the aggregates) (such as coincidental prices) which, in the first instance, (the non-methodologist) was thinking about.   [Michael Gibbons, Economic Theorizing in Lonergan and Keynes]

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