Schumpeter Saw Keynes’ Work as a “Striking Example” of “the Ricardian Vice”

McCraw on Schumpeter’s History of Economic Analysis:

(p. 460) . . . , Schumpeter compared Keynes to David Ricardo: “His work, is a striking example of what we have called above the Ricardian Vice, namely, the habit of piling a heavy load of practical conclusions upon a tenuous groundwork, which was unequal to it yet seemed in its simplicity not only attractive but also convincing. All this goes a long way though not the whole way toward answering the questions that always interest us, namely the questions what it is in a man’s message that makes people listen to him, and why and how.”

Source:
McCraw, Thomas K. Prophet of Innovation: Joseph Schumpeter and Creative Destruction. Cambridge, Mass.: Belknap Press, 2007.
(Note: ellipsis added.)
(Note: italics in original.)

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