Category Archives: Classical Economics

A brutal reminder of macroeconomic incompetence

The GFC was over with in 2009 and now we are at the end of 2017. So what are we to make of this, other than they have no clue what’s gone wrong:Brutal reminder of GFC still here, Treasury says, … Continue reading

Posted in Classical Economics, Economics and economy | 45 Comments

“In case you are not familiar with Kates . . .”

The video is Economics for Independent Thinkers which discusses the way economics is discussed outside the mainstream. There are many many reason for watching the above video from end to end, but this especially works for me, starting at around … Continue reading

Posted in Classical Economics, Economics and economy | 8 Comments

Mill’s lost ‘supply-side’ perspective has now been found

Here’s the subhead to an article on the editorial page of the AFR today with the title: Job creators don’t need subsidy. The billions spent on industry support seems to make very little difference to new job creation. This is … Continue reading

Posted in Classical Economics, Economics and economy | 11 Comments

Classical theory explained

I’ll be in Canberra for the first three days of next week for the meeting of the History of Economic Thought Society of Australia where I will be giving a presentation on the actual meaning and significance of “classical” economic … Continue reading

Posted in Classical Economics | 9 Comments

The Economist published my letter!

In the letters section of this week’s Economist You don’t Say The term “Say’s Law”, (Economics brief, August 12th) was invented by the American economist, Fred Taylor, and popularised in his introductory text, published in 1921. Moreover, the phrase “supply … Continue reading

Posted in Classical Economics, Economics and economy | 10 Comments

Not just about Say’s Law but also why almost the whole of modern economic theory is useless

You may think such a thing is impossible, and certainly impossible to prove, and even more certainly impossible for me to prove, but before you say that first you have to watch the presentation yourself. The venue is Los Angeles. … Continue reading

Posted in Classical Economics, Economics and economy | 10 Comments

Economic theory has been hollow for a long long time

The secret is getting out. Modern economic theory is a pseudo-science. So let me give you some recent discussions of what ought to be obvious to anyone living in an economy in which economists are advising governments. First this: The … Continue reading

Posted in Classical Economics, Economics and economy | 19 Comments

My letter to The Economist on Say’s Law

Let me not deny that I am disappointed that The Economist did not print my letter to the editor in response to their article on Say’s Law but I am not in the least surprised. To even admit that there … Continue reading

Posted in Classical Economics, Economics and economy | 29 Comments

The Economist discusses Say’s Law

From the latest Economist: Say’s law: supply creates its own demand. Even before I have begun to read what is written, let me point out that Say didn’t invent “Say’s” Law nor did he understand it properly. And to begin … Continue reading

Posted in Classical Economics, Economics and economy | 12 Comments

Value subtracting

I gave my presentation yesterday on “Classical Criticisms of Modern Economic Theory”. I might also have called it “The Top Ten Reasons Why Modern Economics is Useless in Understanding How an Economy Works”. Therefore, at the rate of four minutes … Continue reading

Posted in Classical Economics | 26 Comments