Keynesian Episode, The

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Keynesian Episode, The

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William Hutt is often considered to be a member of the Austrian School, although he personally saw himself as the last living classical economist. His specialization was in the field of labor economics, but his writings on macroeconomics and the Keynesian error proved to be among his most enduring.

This is his great work on the topic. Hutt never believed that Keynes had somehow come up with a refutation of the central notion of Say's Law. The fundamental idea of Say's Law, that prices work and that the economy is self stabilizing, is valid in all times and all places so long as markets are left alone.

Here Hutt defends Say's Law against its Keynesian detractors, and takes apart the entire theoretical apparatus of postwar macroeconomic theory. He shows the inherent stability of the production structure under free market conditions and defends the price system as the best mechanism for coordinating supply and demand.

He also covers the academic sociology of the Keynesian movement, explaining how it is that nearly all his contemporaries fell for the fallacies of this pied piper of macroeconomic stabilization policy.

The writing style is subtle and precise but elegant and relentless. Herein the reader will find a complete shredding of the Keynesian debacle.

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