Category Archives: Classical Economics

The Empire Strikes Back

Academics are not a complete waste of space. The medical crisis does not demonstrate that free trade, open capital accounts and liberal immigration policies are a mistake. People taking to social media to suggest that closed economies could have better … Continue reading

Posted in Classical Economics, Rafe | 22 Comments

How to structure public spending so it actually does some good

I have an article up at the American Institute for Economic Research explaining how idiotic a “stimulus” at this time is: A Classical Economic Response to the Coronavirus Recession. It takes as read that we are going to have a … Continue reading

Posted in Classical Economics, Economics and economy, Wasteful Spending, Western Civilsation | 14 Comments

Trying to grow a flower by watering its petals instead of its roots

This is the best article on Keynesian economics I may have ever come across, by David Weinberg and published in The Federalist: Why Economic ‘Stimulus’ Only Makes The Economy Worse. His summary statement captures his point perfectly: While it remains … Continue reading

Posted in Classical Economics, Economics and economy | 22 Comments

First they clock you on the head, then they revive you and call it a “stimulus”

Economic theory is confused almost to nullity. Part of my Classical Economic Theory and the Modern Economy (available from June) is a detailed discussion how modern economics, particularly the macroeconomic side, has made it almost impossible to talk about economies … Continue reading

Posted in Classical Economics, Economics and economy | 9 Comments

Classical economic policy and the present recession

Whatever anyone might believe about the dangers of the Corona Virus, there is no doubt that the American economy, in fact every economy, is heading into recession. There will be a large fall in output and a rise in the … Continue reading

Posted in Classical Economics, Economics and economy | 29 Comments

How to deal with the coming downturn in ways that will actually do some good

Here is the latest in idiotic advice on how to deal with the economic consequences of the Corona V: Scott Morrison ‘must ramp up stimulus to $60bn’. I keep thinking that there must eventually be an end to Keynesian stupidity … Continue reading

Posted in Classical Economics, Economics and economy | 49 Comments

Uniting the Non-Left 1986

This was written in 1986 in response to a piece by Greg Sheridan in The Weekend Australian describing three strands of right-wing thought and floating the idea of a merger. He pondered the prospect of some masterly theorist effecting a … Continue reading

Posted in Australian Story, Classical Economics, Conservative politics, Cultural Issues, Rafe | 31 Comments

“No permanent additional employment can be created by State expenditure”

A review of the following book was put up on the Societies for the History of Economics online discussion thread: Robert W. Dimand and Harald Hagemann, editors, The Elgar Companion to John Maynard Keynes. Cheltenham, UK: Edward Elgar, 2019. xxi … Continue reading

Posted in Classical Economics, Economics on the left | 5 Comments

Is it really that hard to understand that unproductive public spending lowers productivity?

Is there anyone anywhere who actually believes that the present recovery in the US has anything to do with Obama? Actually there are lots of people just as ignorant as that, amongst whom is Obama himself. I get the same … Continue reading

Posted in Classical Economics, Economics and economy, Economics on the left | 22 Comments

Productivity growth and classical economics

I wasn’t going to bother with the story because its title was so ridiculius – Britain’s Productivity Decline Is the Worst in 250 Years – as if you could measure productivity going back even sixty years. But what they show … Continue reading

Posted in Classical Economics, Economics and economy | 16 Comments