Category Archives: Classical Economics

Classical theory explained

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

Posted in Classical Economics | 6 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

Falling real wages and the stimulus

If you are an economist who looks at things from the demand side, then this is a puzzle: Most Australians have not had a pay rise in real terms in years in the face of an assault on wages which … Continue reading

Posted in Classical Economics, Economics and economy | 20 Comments

Seminar on what’s wrong with modern economics this Tuesday

This is the notice that has just been sent out from the School about a seminar I am about to present on Tuesday. You are welcome to come along but please first email Sveta to say you are intending to … Continue reading

Posted in Classical Economics, Gratuitous Advertising | 8 Comments

Each and every one of these economic propositions is WRONG

I am doing a presentation in Los Angeles at the end of the week which I have titled “A Beginner’s Guide to Say’s Law”. At the centre of this presentation there is a slide that reads as shown below. And … Continue reading

Posted in Classical Economics, Economics and economy | 28 Comments