- Title
- 'The Magnificent Gadfly': The machinations of Lord Vaizey's life
- Creator
- Millmow, Alex
- Date
- 2012
- Type
- Text; Journal article
- Identifier
- http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/63157
- Identifier
- vital:6452
- Identifier
- ISSN:1530-7247
- Abstract
- John Vaizey is almost a forgotten figure in modern British history and even more in the fields of political economy and economics where he first made his mark. His work is now rarely cited and, even in political histories of the Thatcher decade, or the travails of the Labour governments before then, his name rarely reappears. However Vaizey's pioneering work on the economics of education is beginning to be recognised and indeed followed. This paper reassesses his life, especially the last decade of his life when Vaizey, basked in the limelight, enjoyed some of the glittering prizes. It was a decade when Vaizey took some major ideological turns, one the most controversial being his decision to leave the Labour party after 30 years of membership. The paper revisits the reasons why Vaizey renounced democratic socialism, Keynesianism and, along with that, the beguiling promises of social science. It reflected his peculiar interest in political failure along with disillusionment in democratic socialism. The switch meant that this Cambridge-trained economist, tutored by Joan Robinson, had to convert, albeit reluctantly, to monetarism and ditch the post-war Keynesian consensus.; C1
- Relation
- International Journal of Applied Economics & Econometrics Vol. 20, no. 4 (2012), p. 57-74
- Rights
- Unknown copyright
- Rights
- This metadata is freely available under a CCO license
- Subject
- 1402 Applied Economics
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