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From the 30 year General Glut debate at the start of the 19th century which focused solely on its truth, to the Keynesian revolution and Keynes's successful attempt to convince his fellow economists that Say's Law was wrong, it remains the most controversial principle in the history of economic theory. The central question - not resolved to this day - is this: can demand deficiency ever be the cause of recession and, if so, are greater levels of unproductive spending an appropriate response? The thrust of the argument is that if Say's Law is valid, much of modern macroeconomic theory is fatally flawed. This book explores the validity of this problematic principle, reminding us that this 200-year debate has not yet been laid to rest.
John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
This book explores the perceived paradigmatic conflict within British classical economics between the so called 'Ricardo School' and the contemporary French Economics of Jean-Baptiste Say. Samuel Hollander provides the reader with extensive evidence, utilizing all editions of Say's main texts and his lesser-known writings in order to demonstrate his adherence to much of Ricardian theory. This intriguing book focuses on selected doctorinal issues and surrounding debates, and will interest all serious historians of economic thought, finding a place on the bookshelves of many economists across the world.
This book brings together a collection of essays in honour of Peter Groenewegen, one of the most distinguished historians of economic thought. His work on a wide range of economic theorists approaches a level of near insuperability.
An empirical investigation of financial crises during the last 800 years.
"The next economics will have to be centered on supply and the factors of production rather than being functions of demand. I've read Mark Skousen's book twice, and it comes the closest to achieving this goal."--Peter F. Drucker, Claremont Graduate University"Skousen's Structure of Production should be a required text at our leading universities. The book masterfully juxtaposes the ideas of the 'Austrians' against mainstream economics yet it is balanced, fair, well written and clearly illustrated. It is an important book for students of economics and a treasure for academics."--John O. Whitney, Emeritus Professor in Management Practice at Columbia University. A clash of economic theories continues to dominate into the twenty-first century. The battle lines are drawn between the Keynesian model of aggregate demand and consumer spending, and the supply-side model of capital investment and saving. Which best reflects the dynamics of the booming global economy? Does aggregate demand determine business activity, new technology, and job creation? Or is economic growth driven by the agents of supply-entrepreneurs, capitalists, and savers? Since its release in 1990, The Structure of Production has been the underground bible for supply-side economics and Austrian macroeconomics, and an analytical tool to explain asset bubbles, commodity inflation, and financial instability.Mark Skousen provides a new introduction that updates his four-stage model with new statistical evidence, applications to textbooks, and historical interpretation. He broadens his industrial model into a universal goods-and-services model; updates his "total spending" statistic (now GRE); and applies his time-structural modelto recent financial events and government policies. Skousen also introduces new diagrams and models to improve pedagogy in the classroom: the "n
From the man who coined the term "net neutrality" and who has made significant contributions to our understanding of antitrust policy and wireless communications, comes a call for tighter antitrust enforcement and an end to corporate bigness.
Radical and conservative Enlightenment ideologies began to break apart as the desire for a fair society clashed with questions of religion and secularization. The Enlightenment that Failed shows how ideas promoting the interest of society as a whole came to be almost defeated by ideas buttressing the interests of the privileged few.