Category Archives: Classical Economics

“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

Cover text comments revised

I am very grateful for the comments on my previous post, ‘Classical Economic Theory and the Modern Economy’ cover text comments, thoughts and suggestions sought with special thanks to Gerry on how to begin the text, which was also the … Continue reading

Posted in Books and writing, Classical Economics | 4 Comments

‘Classical Economic Theory and the Modern Economy’ cover text comments, thoughts and suggestions sought

You may have noticed my lack of regard for modern economic theory which the following might help you understand more clearly. This is the draft of the cover text for the book I have just completed and sent off to … Continue reading

Posted in Classical Economics | 25 Comments

A how-to guide to economic policy

For any single business, higher demand, all other things being equal, makes them more money and can often lead to an increase in the number of employees. For an entire economy, higher demand has no bearing either on real incomes … Continue reading

Posted in Australian Story, Classical Economics, Economics and economy | 10 Comments

Inflation and its consequences

As you read this, remember that “inflation” in pre-Keynesian times did not mean a rise in the price level but an increase in credit and money. Sometimes prices also rise but sometimes they do not which is why Mises describes … Continue reading

Posted in Classical Economics, Economics on the left | 9 Comments

Productivity is dead

Just got to the AFR at the end of the day, and what do we find: Falling productivity numbers cloud economic recovery. The headline front-page story too. The weakest productivity numbers in at least 25 years have unsettled the outlook … Continue reading

Posted in Classical Economics, Economics and economy | 29 Comments

Economics is stale and worthless

This is the abstract for a paper on “The Focus of Academic Economics: Before and After the Crisis”.* As is quite obvious from watching Treasuries and central banks around the world, no one learned a thing. In fact, no one … Continue reading

Posted in Classical Economics, Economics and economy | 8 Comments

Ever wonder why real wages are falling?

METRO TUNNEL COSTS COULD BLOWOUT TO $3B A messy fight is looming over who will pay the huge extra costs of the Metro Tunnel, with the Andrew Government reportedly warned the total blowout of.. The Metro Tunnel is Victoria’s very … Continue reading

Posted in Classical Economics, Economics and economy, Economics on the left | 65 Comments