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Charles Upton challenges Robert Bly's interpretation of the Grimm's fairly tale Iron John, an interpretation which had a strong impact on a generation of confused men looking for answers about what it means to be a man. Upton's critique draws from the perspective of the traditionalist school of writers - notably the French metaphysician Rene Guenon - and presents a profound alternative reading of the fairy tale in which the question of what it means to be a man is eclipsed by the greater question of what it means to be truly human.
Upton writes: '...Bly states that his intention is to talk about male initiation alone. My intention is to try and situate this initiation in its greater context, that of the attainment of the fully human state.'
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It makes a radical break with IS-LM (regrettably entrenched for over 50 years) and proposes an alternative with the real interest rate (r) on one axis and the price level (P) on another. The M curve represents combinations of r and P consistent with equilibrium in the supply and demand for real balances. The Y curve represents combinations consistent of the same, consistent with market clearing for goods. The intersection of M and Y determine P and r. Real output does not appear on either axis because it is determined by the labor market. Sticky wages or prices can be (and are) incorporated into the model. I find the M-Y model much more natural than IS-LM with AD-AS.
Much of the discussion is built around a computer simulation model, probably long vanished, that reminds me of a deterministic version of a simple real business cycle model. Miller and Upton understood that a lot of macroeconomics can be explored within a spreadsheet, even though spreadsheets had yet to be invented!
Finally, the prose is rich and beautiful, reflecting the shining influence of the late Merton Miller, a wise and witty writer.
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I will recommend this book to everyone interested in Swedish or 17th century European history.