Category Archives: Classical Economics

“A beautifully crafted and eminently fair review”

I’ve just written a book review for the eh.net website which I would not normally mention except that it attracted this comment from Tom Humphrey, one of the great historians of economics writing today: A beautifully crafted and eminently fair … Continue reading

Posted in Books and writing, Classical Economics, Economics and economy | 10 Comments

A reminder that an economic stimulus has never ever led to a recovery

Since we are about to indulge in yet another “stimulus” I thought I would remind you of the last time this was tried with absolutely classical pre-Keynesian results. I will add that there has never been a single occasion when … Continue reading

Posted in Classical Economics, Economics and economy | 157 Comments

Working versus voting for a living

This is from the NYT and is for a change exactly right: Biden Is the Big Spender America Wants with the sub-heading even more exactly right: “His economic plans are overwhelmingly popular”. The issue is whether people should work for … Continue reading

Posted in Classical Economics, Economics on the left | 7 Comments

“A perspective on the operation of an economy that has unfortunately entirely disappeared”

Here is a very nice review of my Classical Economic Theory and the Modern Economy in The History of Economics Review, written by Nathan Saunders, linked here. I can only say how grateful I am to find a review of … Continue reading

Posted in Books and writing, Classical Economics | 6 Comments

Read this book

Overnight we got the sad news that William Allen had passed away . Not a household name, but a co-author of one of the best series of books  ever written on economics. University Economics was first published in 1964 and … Continue reading

Posted in Classical Economics, Economics and economy | 5 Comments

One more example why classical economic theory is far superior to modern Keynesian macro

Sorry for a second article on Ross Gittens Gittins and his typically ignorant article on the economy. But if he is going to invoke Keynes to explain anything, let me remind you that no one who uses Keynesian economics to … Continue reading

Posted in Classical Economics, Economics and economy | 6 Comments

Did we or did we not have a recession?

From Recession ends but not pain from the Herald Sun today. Except the question is, do these moron modern economists think we have even been in a recession since the definition is two consecutive quarters of negative growth? I’m afraid, … Continue reading

Posted in Classical Economics, Economics and economy, Free Enterprise | 10 Comments

Anyone who supports a public works program because it will create jobs knows nothing about how an economy works

There is this grand distinction between an individual borrower and a borrowing government, that, in general, the former borrows capital for the purpose of beneficial employment, the latter for the purpose of barren consumption and expenditure.— J. B. Say If … Continue reading

Posted in Classical Economics | 20 Comments

Mostly empty (MMT)

There are a lot of cranks in economics, and it only gets worse all the time. I have been sent a copy of this editorial in The Oz yesterday which is a reminder of just how off the rails economists … Continue reading

Posted in Classical Economics, Economics and economy | 18 Comments

Have I ever mentioned before that the level of unemployment is unrelated to the level of aggregate demand?

In the news today. RECOVERY SUMMER! Record jobs gain of 4.8 million in June smashes expectations; unemployment rate falls to 11.1%. Democrats, media hardest hit. 122Posted at 8:59 am by Glenn Reynolds  ` By the way, my latest book has just been released: … Continue reading

Posted in Classical Economics | 5 Comments