When people speak of “old school economics,” they generally mean the application of economic thinking that involves what we might call “common sense.” That would include permitting a price system to work, protecting private property, and so on. But there is more.
Keynesians are known for using obscure and jumbled jargon to explain their fallacious ideas. The hope being that, the more confusing the language, the greater the perceived scholarship. Good economics can and should be clearly logically explained.
Mainstream economists speak of GDP as though it is the economy itself, however, GDP is not a good measure of economic reality. Instead, it presents a distorted picture of genuine economic activity and leads to mistaken conclusions about the economy.
Mainstream economists speak of GDP as though it is the economy itself, however, GDP is not a good measure of economic reality. Instead, it presents a distorted picture of genuine economic activity and leads to mistaken conclusions about the economy.
Keynesians are known for using obscure and jumbled jargon to explain their fallacious ideas. The hope being that, the more confusing the language, the greater the perceived scholarship. Good economics can and should be clearly logically explained.
The standard Keynesian line is that increases in consumer spending always are good for a nation's economy. Yet, there is much more to economic growth than simple spending.
The attempt by the mainstream economics profession to create economic literacy has turned into a movement to promote economic illiteracy.
The attempt by the mainstream economics profession to create economic literacy has turned into a movement to promote economic illiteracy.
Henry Hazlitt's The Failure of the New Economics remains the best criticism of J.M. Keynes's General Theory.
Henry Hazlitt's The Failure of the New Economics remains the best criticism of J.M. Keynes's General Theory.
