Category Archives: Classical Economics

The tragedy of modern macroeconomics

The cross-post from Richard Holden begins as follows: Economists did not predict the financial crisis of 2007, nor did we predict that advent of secular stagnation that has followed. Those events have shaken the economic and political world. Our theories … Continue reading

Posted in Classical Economics, Economics and economy | 15 Comments

Standard errors of sub-standard theory

Apparently, Trump has almost entirely overlooked economists for any of the major posts which has led to this article: Economists Contemplate Life on the Outs. The President-Elect does not seem to value economists very highly, which the following reaction might … Continue reading

Posted in Classical Economics, Economics and economy | 33 Comments

He doesn’t know it but he’s talking about Say’s Law

Why shouldn’t I write a post in Australia just because I am sitting on a train going from Aarhus to Copenhagen? Anyway, this is from Captain Capitalism, in a quite nice post on Debunking the Multiplier Effect. To me it … Continue reading

Posted in Classical Economics, Economics and economy | 32 Comments

Economists will never ever get it right until Say’s Law returns

Two things sent to me by friends of which this is far and away the most significant. There may be about half a dozen economists in the world who understand the difference the absence of Say’s Law makes to economic … Continue reading

Posted in Classical Economics, Economics and economy | 70 Comments

Treasury endorses Say’s Law

It is not said in words, but the reality of what they have concluded is that Say’s Law is right and Keynesian economics is junk science. A stimulus takes an economy backwards, makes things worse. This is not about this … Continue reading

Posted in Classical Economics, Economics and economy | 31 Comments

When was economics not radical?

The History of Economic Thought online discussion forum has had this request posted: I would be interested in your thoughts and reactions to this article: When Economics Was Radical. The article was published in The Chronicle of Higher Education [CHE]. … Continue reading

Posted in Classical Economics, Economics and economy, History | 18 Comments

Hillsdale for Austrians and Cato for climate realists

Two weekends ago a trip to Hillsdale College (90 miles out of Detroit) MI for a conference on Austrian economics, this is the live stream of the lead speakers. Never mind Wapshott’s lightweight gossip. Hillsdale has the distinction of being … Continue reading

Posted in Classical Economics, Global warming and climate change policy, Rafe | 4 Comments

Keynesian economics refuted eight times over

Who would know this? In fact, every legislator in Congress and the American president would know this, just no one else. But what we do know is that the American recovery has been the worst on record, without a single … Continue reading

Posted in American politics, Classical Economics, Economics on the left | 22 Comments

Make economics great again

There has been a thread on the History of Economics discussion forum under the heading “Progress and Death” which revolves around the origins of the aphorism that science advances funeral by funeral. It turns out that this was an observation … Continue reading

Posted in Classical Economics | 15 Comments

The RBA is worried we are saving too much!!!

The only reason I still get The Oz is because it has two sudokus and as I was turning to these tonight, what should be on the front page of the business section but this: Are we saving too much? … Continue reading

Posted in Classical Economics, Economics and economy | 17 Comments