Archive for James C. W. Ahiakpor

James Ahiakpor is a professor of economics at California State University, East Bay.

Contradicting Keynes: Bernanke’s Debt Default Scare

Federal Reserve Chairman Ben Bernanke’s remarks last summer about the debt limit and risk of default amounted to a stunning contradiction of Keynes and Keynesian economics. But few seem to have noticed. In response to questions by U.S. Senator Jack Reed (D-RI), Bernanke joined in the chorus of those predicting skyrocketing interest rates in the [...]

21Sep2011 | James C. W. Ahiakpor | 1 comment | Continued

Contradicting Keynes: Bernanke’s Debt Default Scare

Did the person supposedly in charge of determining interest rates in the United States through Federal Reserve credit creation really say that?

27Jul2011 | James C. W. Ahiakpor | 9 comments | Continued

Does Saving Reduce GDP?

Warren C. Gibson’s article, “GDP: Who Needs It?” in the May 2010 edition of the Freeman, asserts an inconsistency. He correctly denigrates the Keynesian notion of promoting consumption spending as a means of promoting GDP growth: “The predominance of consumption seems to have spawned the bizarre notion that if we can only get consumer spending [...]

24Nov2010 | and and James C. W. Ahiakpor | 2 comments | Continued

Paying the Unemployed Does Not Stimulate an Economy

Many in Congress as well as the President and some of his economic advisers have argued that extending the period for paying the unemployed will stimulate the U.S. economy out of its sluggish performance. Would any of them consider as valid an argument that giving money out of their own pockets to an unemployed member [...]

24Nov2010 | James C. W. Ahiakpor | 17 comments | Continued

Keynes’s Ghost

The multiplier argument is founded on two key assumptions that turn out to be false. First is the notion that savings are not spent but rather are withdrawn from the expenditure stream. The multiplier’s second incorrect premise is that government expenditures are “autonomous”; that is, government spending does not depend on current income.

9Jun2009 | James C. W. Ahiakpor | 5 comments | Continued

Israel Kirzner on Supply and Demand

Israel Kirzner misrepresents mainstream economics by his assertion that in explaining market price determination by supply and demand curves, it always assumes “perfect competition,” worse yet, perfect knowledge.[1] “The mainstream textbook approach . . . is, in one way or another, explicitly or implicitly, based on the assumption of perfect knowledge” and in which the [...]

1Jul2000 | James C. W. Ahiakpor | 0 comments | Continued

Why Economists Need to Speak the Language of the Marketplace

Dr. Ahiakpor is Professor and Chairman of the Department of Economics, California State University, Hayward. This article is based on his “A Paradox of Thrift or Keynes’s Misrepresentation of Saving in the Classical Theory of Growth?,” published in the Southern Economic Journal, Vol. 62, July 1995, pp. 16-33. Ask a group of economists whether saving [...]

1Dec1995 | James C. W. Ahiakpor | 6 comments | Continued

Some International Neglect Would Be Good for Africa

Dr. Ahiakpor, who was born in Ghana, West Africa, is Professor and Chairman of the Department of Economics, California State University, Hayward. Many African governments and leaders of thought fear increased marginalization and neglect of their continent in the so-called New World Order following the collapse of Communist regimes in Eastern and Central Europe and [...]

1Aug1994 | James C. W. Ahiakpor | 0 comments | Continued

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