Other Schools of Thought

Keynes's "greatest achievement," according to his admirers, was his famous "refutation" of Say's law. Yet Say's law actually remains more relevant than ever.

Information on consumer sentiment is potentially helpful, but only insofar as sentiment reflects the reality of the economic situation.

In this sweeping but brief history of classical liberalism, historian Ralph Raico recounts how this ideology has for centuries formed the only true intellectual opposition to despots and socialists over the past five hundred years.

Bad theories have a long life in the social sciences, and the crude quantity theory of money is one that refuses to go away.

Keynes viewed depressions as something that could naturally plague market economies when total spending was insufficient to support full employment. Only with wise oversight could we hope to achieve steady economic growth.

The new Keynesian recommendation for monetary policy is to “stabilize the growth of aggregate demand.” In plain language this means that the monetary authorities should never stop flooding the economy with paper money.

Bad theories have a long life in the social sciences, and the crude quantity theory of money is one that refuses to go away.

"History cannot teach us any general rule, principle, or law. There is no means to abstract from a historical experience a posteriori any theories or theorems concerning human conduct and policies."

Published here for the first time is Rothbard's note on the economics of antebellum slavery. Mark Thornton comments on the paper, which criticizes the method of the New Economic History.

Price inflation is so difficult to predict, because there are so many moving parts: money supply, demand, money velocity, and supply of goods and services.