Keynes

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GDP is a Poor Measure of Economic Health

Economic PolicyKeynesMacroeconomicsU.S. Economy

Blog02/15/2024

While economists speak of GDP as a legitimate measure of the economy, a closer look tells us that it is biased toward consumer spending and fails to give a true measure of the value of capital.

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Rethinking Keynesian Theory: Debunking Interest Rates and Inflation Myths

InflationKeynesU.S. EconomyCapital and Interest Theory

Blog01/23/2024

Because Keynesian theory has triumphed in the economics world, people are subject to the worst kind of government intervention in the economy. Debunking Keynes is the first step toward economic sanity.

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Can an Easy Money Policy Increase Employment of "Idle Resources"?

Booms and BustsCentral BanksKeynesMonetary Policy

Blog01/11/2024

When an economy suffers a recession, some factors of production, such as labor, become unemployed. Keynesians believe that expanding credit and fiat money will bring back full employment. That's not how an economy works.

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Can Econometric Models Provide a Laboratory Setting for Economic Analysis?

KeynesEntrepreneurshipPhilosophy and Methodology

Blog11/21/2023

Econometric models are constructed with the idea that they can be substituted for authentic human action. Not surprisingly, they fail badly.

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From the Invisible Hand to the Invisible Sleight-of-Hand

KeynesMedia and CultureMonetary PolicyU.S. Economy

Blog11/13/2023

Advocates of unbacked paper money claim that theirs is the “civilized” choice, as opposed to gold, or what Keynes called “that barbarous relic.” These inflationists, however, are the ones wrecking civilization as we have known it.

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Exposing Our Fed-Driven Bubble Economy

Booms and BustsThe FedInflationKeynes

Blog11/10/2023

The US economy has deteriorated into little more than a series of asset bubbles driven by the inflationary policies of the central bank.

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Gold Will Destroy the Keynesian Fallacies

KeynesMonetary PolicyU.S. HistoryWorld HistoryGold Standard

Blog08/26/2023

Keynes denounced monetary gold as "a barbarous relic." In the end, it will be that "barbarous relic" that overthrows the regime of paper currency.

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Producers, Not Consumers, Are the Engine of Economic Growth

Booms and BustsCentral BanksInflationKeynesMonetary Policy

Blog06/28/2023

The Keynesian prescription for an economic downturn is for government to increase spending to improve so-called aggregate demand. In reality, this is a recipe for worsening the recession.

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How Markets Self-Corrected during the 1819 and 1919–21 Recessions

Booms and BustsKeynesMonetary PolicyU.S. EconomyBusiness Cycles

Blog05/23/2023

With the US economy facing a severe downturn, we should remember that two recessions ended quickly because the government didn't intervene at all.

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Government Budget Deficits Cannot Stimulate True Economic Growth

Big GovernmentThe FedKeynesTaxes and Spending

Blog04/25/2023

A central tenet of Keynesian economics is that governments must run budget deficits to stimulate economic growth. But government spending actually shrinks the economy.

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