Jamesian Philosophy Refreshed

I'm reading through a book by Hunter Lewis, co-founder of Cambridge Associates and the Mises Institute. The book is WHERE KEYNES WENT WRONG (2009). I'm mentioning it today because of the material in the chapter "How Keynesian was Keynes?," which I found intriguing.  About much of the material in the rest of the book, I'm long since jaded, but some of this was new to me. In 1948, writing in the American Economic Review , John H. Williams said he had had a conversation with Keynes (the famous economist had died between that conversation and this article).   Keynes allegedly told Williams "that the easy monetary policy was being pushed too far, both in England and here [the US], and emphasized interest as an element of income, and its basic importance in the structure and functioning of private capitalism. He was amused by my remark that it was time to write another book because the all-out easy money policy was being preached in his name, and replied...

  Nobel Prize winning economist Paul Krugman, pictured here, whose writings for the mainstream press have made him easily the most visible Keynesian of our day, issued a challenge to Austrian economists recently. For those of you who may be new to such discussions, I'll explain the jargon. The Austrian school is the tradition of Hayek and Von Mises, [and for the record, Hayek too received a Nobel Prize], a school built on a subjective understanding of economc value, that is, the view that something has value because one or more individuals want it -- regardless of, say, how much labor or how impressive a technology was necessary to create it. Also integral to the "Austrian" school are distinctive views about economic calculation, the demand for hard or honest money, the bases of interest rates, and certain meta-theoretical ideas as to how economics ought to be studied. What especially sticks in Krugman's craw, though, is the Austrian view of the business cycl...