Profiles

"I have often been asked to add to my negative critique of Keynes's theory the positive exposition of an economic theory that offered a more correct explanation and description of economic reality. The present book is my answer to this request."

Insufficiently educated in the history of economic thought, they do not realize that Keynesianism — down to the most technical details, like the concept of the foreign exchange multiplier — is mercantilism or, more precisely, John Lawism pure and simple.

The community of soft-currency countries is not a community of economic conditions but a community of lax monetary and fiscal policies, a community of ignorance about monetary theory, of inexperience with monetary policy, and of political doctrinaire stubbornness.

Doctrinally, " Keynesianism " would have to be regarded merely as a recent, one-way swing of the pendulum such as the world has often experienced before this time in the direction of distinct overvaluation of the possibilities and effects of monetary manipulations and alterations.