The Failure of the "new Economics": An Analysis of the Keynesian Fallacies

adjustment aggregate aggregate demand amount analysis assume assumption average bank billion borrowing business cycle buyer cash cause cent changes Chapter commodities concept confusion consumption consumption function cost definition demand curve dollars economic economists effective demand efficiency of capital elasticity entrepreneurs equal equations equilibrium exist expectations F. A. Hayek 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 labor lenders Ludwig von Mises marginal efficiency mathematical mean 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 reduce relationship rise saving and investment Say's Law sell sense simply speculative spending statistical theory of interest thing time-preference tion unemployed volume wage-rates wage-units wages wheat whole yield