I find the whole Niall Ferguson debacle***to be very funny because it demonstrates that the economists are still trying to resolve an issue that scholars of literature have settled decades ago. The biographical approach (meaning, an attempt to analyze an author’s contribution in terms of his or her biography) has long been discarded as useless, unproductive, and amateurish.
The reason why scholars of literature have abandoned the type of criticism where it was acceptable to say things like “Writer X had a miserable relationship with his mother and this colored all of his female characters” is because none of these assertions can be verified. We cannot possibly know anything about another person’s perception of his or her own life. All we can know is how we see that life and what it means to us.
Another problem with the biographical approach is that biographies are just as fictional as any novel. Somebody organized the events of a person’s life into a coherent narrative. In the process, a lot of material was of necessity edited out of the story. How can we know that the events which were not included into the story and that seemed unimportant to the biographer were not of the utmost importance to the person whose life-story is being narrated? If we are talking about an autobiography, how do we know that the author is not presenting us with a set of self-serving and self-aggrandizing lies?
This is why literary critics have long abandoned all attempts to psychoanalyze authors and explain their work in terms of their biographies.
Scholarly disciplines would do well by communicating with each other.
You can observe the intensity of the biographical debate among economists here.
*** “[I]n front of a group of more than 500 investors, Ferguson responded to a question about Keynes’s famous philosophy of self-interest versus the economic philosophy of Edmund Burke, who believed there was a social contract among the living, as well as the dead. Ferguson asked the audience how many children Keynes had. He explained that Keynes had none because he was a homosexual and was married to a ballerina, with whom he likely talked of ‘poetry’ rather than procreated. The audience went quiet at the remark.”