Category Archives: Classical Economics

Keynes’s 1933 letter to Harlan McCracken

The letter you see I uncovered in 2008 in the Harlan Linneus McCracken Archive at Louisiana State University, which has now been published in the March 2019 issue of the Journal of the History of Economic Thought. It has already … Continue reading

Posted in Classical Economics | 2 Comments

Dan Mitchell says to stop worrying about the trade deficit

The text of the argument. A four minute video presentation.

Posted in Classical Economics, Rafe | 3 Comments

Classical economic theory presents perennial truths that economists once knew but have completely forgotten

The perfect statement of classical economic theory, from David Uren in The Australian today: Get used to the new normal – booming rates of growth are gone. Over the year to December, growth was only 2.3 per cent and, short … Continue reading

Posted in Classical Economics | 8 Comments

Free Market Economics vs Keynes

I realise how tedious all this maundering on about Keynesian economics is for some people, which I do go on about. But the thing is, you will not find this discussed anywhere else in the world. This is said more … Continue reading

Posted in Classical Economics, Economics and economy | 8 Comments

Classical economic theory and employment

At the very core of the classical arguments against public spending as a means to raise employment is John Stuart Mill’s 1848 Fourth Proposition on Capital: “Demand for commodities is not demand for labour”. There is no relationship between the … Continue reading

Posted in Classical Economics | 12 Comments

Dan Mitchell on the case for free trade

A canter through the recent studies and reports by our man in DC. And a youtube video to go with it.

Posted in Classical Economics | 12 Comments

President Trump is applying Say’s Law in managing the American economy

For almost everyone, Say’s Law is something they know nothing about, and especially among economists, who themselves not only do not know what Say’s Law is, but are taught that it is unambiguously wrong. But as the success of the … Continue reading

Posted in Classical Economics, Economics and economy | 15 Comments

Boettke on Hayek’s legacy part 2

The third tension that Boettke identified in the final chapter on The Hayekian Legacy is between moral intuitions and moral demands. This is one of the topics that Boettke would like to see pursued to realise the potential of the … Continue reading

Posted in Classical Economics, Philosophy, Rafe | 3 Comments

Boettke on the Hayekian legacy

The final chapter is The Hayekian Legacy. A reminder that students may be able to obtain the book at a reduced rate . However, you are able to get the book at a discount for personal use, and if your … Continue reading

Posted in Classical Economics, Rafe | 1 Comment

Boettke on Hayek and Market Socialism

Recapitulating the story of Boettke on Hayek so far. The purpose of the book is to show how Hayek rose to some of the great challenges to good economics and classical liberalism. The main theme of the story is the … Continue reading

Posted in Classical Economics, Rafe | 1 Comment