What are the senses in which? according to Keynes “political economy” is a “moral science”?

Introduction

The paper attemps to situate Keynes's approach to macroeconomics and macroeconomic policy within an ontological and anthropological framework that makes "political economy" a "moral science" in the ancient sense of the art of managing the "body politic" so as to enable citizens to live "good" lives. These would be lives creating and appropriating beauty and truth within relations of mutual recognition? i.e. lives filled with beauty? truth and love. The idea of what Keynes called "the ideal social republic of the future " (www.megaupload.com) - "the republic of my imagination" - to which this leads is the basis of his critique of the values dominant in "capitalism?" (Fishburn? 55-61) the "essential characteristic" of which? he claims? is "the dependence upon an intense appeal to the moneymaking and money-loving instincts of individuals as the main motive force of the economic machine." (Fishburn? 55-61) In "Economic Possibilities for our Grandchildren?" he describes this "main motive force" as "a somewhat disgusting morbidity? one of those semi-criminal? semi-pathological propensities which one hands over with a shudder to the specialists in mental disease." (www.megaupload.com) For individuals to be actually able to live good lives in this sense requires a highly developed capacity for producing the material and other means (e.g. free time) required for such lives. It is the development of these means that justifies capitalism and the businessman. This paper provides textual evidence supporting these interpretive claims in the context of examining the framework they provide for macroeconomics and macroeconomic policy. The first part examines Keynes's treatment of the "good life" and the idea of the "true social republic" he derives from it. The second elaborates his treatment of political economy as a moral science in his macroeconomics. The third examines the obstacle in the way of rational macroeconomic policy resulting from the influence of irrationality in conventional thinking about macroeconomic theory and policy. (Galbraith? 12-27)

Analysis

Once this development has been achieved? however? it will no longer be necessary to "pretend to ourselves and to everyone that fair is foul and foul is fair." We shall then be free "to return to some of the most sure and certain principles of religion and traditional virtue - that avarice is a vice? that the exaction of usury is a misdemeanour? and the love of money is detestable? that those walk most truly in the paths of virtue and sane wisdom who take least thought for the morrow. We shall once more value ends above means and prefer the good to the useful. We shall honour those who can teach us how to pluck the hour and day virtuously and well? the delightful people who are capable to taking direct enjoyment in things? the lilies of the field who toil not? neither do they spin." (Galbraith? 12-27) The economic will then be viewed instrumentally as means for the realization of "non-economic interests" and the function of "economists" will be analogous to the function of ...