The Failure of the "new Economics": An Analysis of the Keynesian FallaciesCanonization. Uses of refutation. A path-breaking pioneer? The "general" theory. Postulates of Keynesian economics. Keynes vs. say's law. Overture. "labor units" and "wage units". The role of expectations. "Statics" vs. "Dynamics". Income, saving, and investment. "The propensity to consume". "The multiplier". "The marginal efficiency of capital". Expectations and speculation. "Liquidity preference". The theory of interest. Confusions about capital. "Own rates of interest". The general theory restated. Unemployment and wage-rates. Employment, money, and prices. The "trade cycle". Return to mercantilism? Keynes lets himself go. Did keynes recant? "Full employment" as the goal. "The national income approach". The keynesian policies. |
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Page 292
... Lectures on Political Economy , in two vol- umes ( Vol . I : General Theory , Vol . II : Money ) appeared in an English edition in 1934 and 1935. They had existed in German since 1901 and 1906. These lectures made giant strides toward a ...
... Lectures on Political Economy , in two vol- umes ( Vol . I : General Theory , Vol . II : Money ) appeared in an English edition in 1934 and 1935. They had existed in German since 1901 and 1906. These lectures made giant strides toward a ...
Page 293
... Lectures on Political Economy , ( London : George Routledge , 1934 ) , I , 220 . 3 Cf. John Stuart Mill , A System of Logic , Vol . II , Book VI , Chap . VII , Sect . 2 , for an illuminating discussion that is far from being out of date ...
... Lectures on Political Economy , ( London : George Routledge , 1934 ) , I , 220 . 3 Cf. John Stuart Mill , A System of Logic , Vol . II , Book VI , Chap . VII , Sect . 2 , for an illuminating discussion that is far from being out of date ...
Page 297
... production may legitimately play a part in modern economics when we are dealing with the problem 1 Knut Wicksell , Lectures on Political Economy , I , 225 . of relative price formation . Here costs may be said PRICES AND MONEY 297.
... production may legitimately play a part in modern economics when we are dealing with the problem 1 Knut Wicksell , Lectures on Political Economy , I , 225 . of relative price formation . Here costs may be said PRICES AND MONEY 297.
Contents
CHAPTER | 1 |
POSTULATES OF KEYNESIAN | 13 |
KEYNES vs SAYS | 32 |
Copyright | |
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The Failure of the New Economics: An Analysis of the Keynesian Fallacies Henry Hazlitt No preview available - 2017 |
Common terms and phrases
adjustment aggregate aggregate demand amount analysis argument assume assumption average billion borrowing business cycle cause cent changes Chapter classical theory commodities concept confusion consumption consumption function cost definition demand curve doctrine dollars economic economists effective demand efficiency of capital elasticity entrepreneurs equal equations equilibrium exist expectations fact factors fallacies full employment function future increase individual industry inflation interest rates Irving Fisher italics John Maynard Keynes Keynes's Keynes's theory Keynesian Keynesian economics labor lenders Ludwig von Mises marginal efficiency mathematical means ment mercantilists merely monetary money supply money-wages multiplier national income never nomic output Pigou ployment precisely production propensity to consume quantity of money rate of interest real wages reduce relationship rise saving and investment Say's Law sell simply speculative spending statistical theory of interest thing time-preference tion unemployed volume wage-rates wage-units wheat whole workers yield