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Search found 249 items for:
- “Keynes and Says Law”
Relevance: 4.8318763
Wire
Online Publish Date: June 18, 2021
Markets clear. Or so was the accumulated wisdom in the half century before John Maynard Keynes. The British economist proposed a novel theory of economics in 1936 based on the opposite premise: markets don’t clear. While Keynesian theory is quite complex and his book widely regarded as unreadable, in his system, chronic idleness of useful resources is the rule. In Keynes’s world, the market can...
Relevance: 3.5232964
Library Item
Category: Mises Daily Articles
Online Publish Date: June 27, 2022
Lord Keynes's main contribution did not lie in the development of new ideas but "in escaping from the old ones," as he himself declared at the end of the Preface to his "General Theory." The Keynesians tell us that his immortal achievement consists in the entire refutation of what has come to be known as Say's Law of Markets. The rejection of this law, they declare, is the gist of all Keynes's...
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Wire
Online Publish Date: May 8, 2020
The fiscal and monetary response to the economic shutdown embodies the federal government’s most recent rejection of Say’s law of markets. Contrary to the actions taken and the assurances made by these authorities, the economic fallout from COVID-19 is not due to a scarcity of money, but a scarcity of goods and services.
Although J.B. Say developed his law of markets to dispel the idea of general...
Relevance: 2.8661952
Library Item
Category: Mises Daily Articles
Online Publish Date: October 16, 2009
[The Keynes Solution: The Path to Global Economic Prosperity. • By Paul Davidson • Palgrave Macmillan, 2009 • Ix + 196 pages] It is not often that Paul Samuelson and Paul Krugman are indicted for lack of fidelity to Keynes, but this is exactly Paul Davidson's complaint against them. Davidson is a leading Post Keynesian, who holds that almost all economists, even professed Keynesians, have been...
Relevance: 2.7735565
Wire
Online Publish Date: March 7, 2013
Video director and economics educator John Papola (of Keynes/Hayek rap fame) has a new article called "Consuming Our Way to Prosperity is Macro Folly" up at the PBS Newshour web site. In the article, he once again criticizes Keynesian economics. However, to support that critique, he enlists "market monetarist" Scott Sumner and monetary equilibrium theory. He writes:
"To paraphrase monetary...
Relevance: 2.7127125
Library Item
Category: Mises Daily Articles
Online Publish Date: March 6, 2013
I was intrigued by the review that Philipp Bagus wrote of The Errors of Keynes (Los Errores de la Vieja Economía), a book written in Spanish by Juan Ramón Rallo, part of which deals with Say’s Law.An important understanding is taking hold, that the road to unwind Keynesian economics travels through Say’s Law. Keynes himself could not have been clearer about the significance of Say’s Law to the...
Relevance: 2.4335532
Library Item
Category: The Journal of Libertarian Studies, Institute Publications
Online Publish Date: October 26, 2020
ABSTRACT: The central thesis of this article is that Plato’s philosophy is the foundation of Keynesian economics. First, Plato’s philosophy and his socialism are discussed and it is shown that Keynes was a disciple of his. Next, evidence is presented to show that Keynes advocated a brand of socialism that was virtually identical to Plato’s. Finally, the paper demonstrates the Platonic structure...
Relevance: 2.4303246
Library Item
Category: Mises Daily Articles
Online Publish Date: November 18, 2009
[Originally published in Dissent on Keynes: A Critical Appraisal of Keynesian Economics, edited by Mark Skousen. New York: Praeger (1992). Pp. 171–198.]John Maynard Keynes, the man — his character, his writings, and his actions throughout life — was composed of three guiding and interacting elements. The first was his overweening egotism, which assured him that he could handle all intellectual...
Relevance: 2.3342645
Library Item
Category: Mises Daily Articles
Online Publish Date: May 25, 2022
Mainstream media discussion of the macro economic picture goes something like this: “When there is a recession, the Fed should stimulate. We know from history the recovery comes about 12–18 months after stimulus. We stimulated, we printed a lot of money, we waited 18 months. So the economy ipso facto has recovered. Or it’s just about to recover, any time now.”
But to quote the comedian Richard...
Relevance: 2.128404
Library Item
Category: Mises Daily Articles
Online Publish Date: March 17, 2009
"The Therapist" (1937) by Rene MagritteLast weekend, Harvard University sponsored a conference called (I am not making this up) "The Free Market Mindset: History, Psychology, and Consequences." Its purpose was to try to figure out why, since everyone knows the current crisis amounts to a failure of the market economy, the stupid rubes continue to believe in it. The promotional literature for the...
Relevance: 1.9652412
Online Text Chapter
Category: Books, Books
Planning for Freedom and Sixteen Other Essays and Addresses1“Lord Keynes and Say’s Law”ILord Keynes’s main contribution did not lie in the development of new ideas but “in escaping from the old ones,” as he himself declared at the end of the preface to his General Theory. The Keynesians tell us that his immortal achievement consists in the entire refutation of what has come to be known as Say’s...
Relevance: 1.9637153
Library Item
Category: Mises Daily Articles
Online Publish Date: July 22, 2011
[Introduction to The Theory of Idle Resources (1939; 2011)]
Genius does not always announce itself. This was especially true of William H. Hutt. There was nothing about him to attract attention. He was born in London of working class parents, earned a bachelor's degree in economics from The London School of Economics in 1924, worked for a London publishing firm, and migrated to South Africa...
Relevance: 1.9516349
Library Item
Category: Quarterly Journal of Austrian Economics, Institute Publications
Online Publish Date: October 2, 2019
Quarterly Journal of Austrian Economics 22, no. 2 (Summer 2019) full issue.
ABSTRACT: This paper examines John Maynard Keynes’s ethical theory and how it relates to his politico-economic thought. Keynes’s ethical theory represents an attack on all general rules. Since capitalism is a rule-based social system, Keynes’s ethical theory is incompatible with capitalism. And since socialism rejects the...
Relevance: 1.9476953
Online Text Chapter
Category: Books, Books
Planning for Freedom and Sixteen Other Essays and Addresses1“Stones into Bread, The Keynesian Miracle” IThe stock-in-trade of all Socialist authors is the idea that there is potential plenty and that the substitution of socialism for capitalism would make it possible to give to everybody “according to his needs.” Other authors want to bring about this paradise by...
Relevance: 1.7457893
Wire
Online Publish Date: June 10, 2021
Large-scale unemployment is another name for a surplus in the labor market. Equilibrium is a state which markets will naturally move toward as buyers and sellers look for mutually advantageous exchanges. Firms can always get some value from additional labor, even under pessimistic forecasts of sale prices and quantities. Workers earning zero wages can improve their situation by accepting a job—...
Relevance: 1.7201858
Library Item
Category: Book Chapters, Books
Keynes’s General Theory was, at least in the short run, one of the most dazzlingly successful books of all time. In a few short years, his “revolutionary” theory had conquered the economics profession and soon had transformed public policy, while old-fashioned economics was swept, unhonored and unsung, into the dustbin of history.
How was this deed accomplished? Keynes and his followers would...
Relevance: 1.7184249
Wire
Online Publish Date: September 13, 2017
[This article is a selection from Where Keynes Went Wrong]: Paul Samuelson, professor of economics at MIT after World War II and author of a best-selling economics textbook, was one of Keynes’s most ardent American disciples. Here is what he has to say about the latter's General Theory:It is a badly written book, poorly organized. . . . It is arrogant, bad-tempered, polemical, and not overly...
Relevance: 1.7127725
Library Item
Category: Mises Daily Articles
Online Publish Date: February 6, 2010
The debate between J.M. Keynes and F.A. Hayek, both living and teaching in Britain in the 1930s, was one of the great debates of the century. Sadly, the charming globetrotter Keynes had the podium and the audience, to the point of influencing policy the world over even to the present day. Meanwhile, the quiet and studious Hayek never really did gain an audience. Like his colleague and mentor...
Relevance: 1.7059281
Wire
Online Publish Date: November 14, 2019
The literature on John Maynard Keynes’s life and ideas is enormous. However, his defenders have neglected his views on population. Why? His ideas in this area are highly problematic. This article provides documentation that shows Keynes advocated extensive government controls on the size and quality of the population.
Keynes was interested in eugenics from the very beginning of his academic...
Relevance: 1.7026613
Library Item
Category: Books
With A Rehabilitation of Say's Law, Professor William H. Hutt produced a magnificent work that Austrians would love to claim as one of their own, but that Hutt himself viewed as thoroughly classical in nature. The topic addressed here is Say's law: the view that macroeconomic activity tends toward stability — which is to say, under a free market there will be no systemic gluts or shortages absent...