Category Archives: Classical Economics

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

The enemy is Keynesian macro

I’m afraid you can talk about debt and deficits to the end of time but unless you understand that the true enemy is macroeconomic theory with its emphasis on aggregate demand your chances of turning round The Titanic are approximately … Continue reading

Posted in Classical Economics, Economics and economy | 12 Comments

Think NBN, pink batts and school halls

It is an anti-Keynesian article so I won’t complain a lot, but still it does get me down that no one any longer has much of a clue why public spending depresses economic growth. And it’s not as if Keynes … Continue reading

Posted in Classical Economics, Economics and economy | 22 Comments

Keynesian economics wrecks economies

I picked this up at Andrew Bolt which reminds me why I tend not to read the papers any more. The article is quite accurate and important – Living standards in decline as real wage growth stagnates. The problem is … Continue reading

Posted in Classical Economics, Economics and economy | 10 Comments

Communism for Kids versus Economics for Infants

Just like the article says, this is MIT’s new publication ‘COMMUNISM FOR KIDS’. You can pick it up at Amazon where you can find the following blurb: Once upon a time, people yearned to be free of the misery of … Continue reading

Posted in Classical Economics, Cultural Issues, Market Economy | 37 Comments

“The Utopia of Damned Fools”

This is from an article on “The New Deal” written by H.L. Mencken in May, 1935 and published in A Mencken Chrestomathy [Vintage Books New York 1982: pages 424-25]. It discusses how the first application of Keynesian economics by the … Continue reading

Posted in Classical Economics, Economics on the left | 15 Comments