All Posts Tagged With: "full employment"
Which Strategy Really Ended the Great Depression?
“World War II got us out of the Great Depression.” Many people said that during the war, and some still do today. The quality of American life, however, was precarious during the war. Food was rationed, luxuries removed, taxes high, and work dangerous. A recovery that does not make—as Robert Higgs points out in Depression, [...]
24Aug2011 | Burton W. Folsom Jr. | 6 comments | ContinuedReal Jobs Create Wealth
If the government’s projects were truly worthwhile, they would be undertaken by private efforts, and in their quest for profits, entrepreneurs would handle them more efficiently.
Remember this when President Obama begins to boast about how successful his stimulus plan is.
21May2009 | John Stossel | 11 comments | ContinuedKeynesian Economics and Constitutional Government
Last month 650 economists called for an increase in the federal minimum wage, saying it was the responsibility of the government to “improve the well-being of low-wage workers” by mandating the terms under which people may be employed. Among these economists were five recipients of the Nobel Prize in economics. One of them was Lawrence [...]
1Nov2006 | Richard M. Ebeling | 0 comments | ContinuedJohn Maynard Keynes: The Damage Still Done by a Defunct Economist
Seventy years ago, on February 4, 1936, the English economist John Maynard Keynes (1883–1946) published what soon became his most famous work, The General Theory of Employment, Interest, and Money. Few books, in so short a time, have gained such wide influence and generated so destructive an impact on public policy. What Keynes succeeded in [...]
1May2006 | Richard M. Ebeling | 40 comments | ContinuedHenry Hazlitt and the Failure of Keynesian Economics
For four decades, from the mid-1930s to the 1970s, Keynesian economics almost monopolized economic policy in the United States and around the world. The “new economics,” as it was called, was going to assure mankind economic stability, full employment, and material prosperity—all through wise government management of monetary and fiscal policy. So dominant was this [...]
1Nov2004 | Richard M. Ebeling | 38 comments | ContinuedGottfried Haberler: A Centenary Appreciation
During the first week of July in 1936, an international conference on the “Problems of Economic Change” was held in Annecy, France. It brought together such notable economists as Ludwig von Mises, Wilhelm Röpke, Oskar Morgenstern, Bertil Ohlin, Lionel Robbins, Dennis Robertson, Charles Rist, William Rappard, John B. Condliffe, John Van Sickle, Alvin Hansen, John [...]
1Jul2000 | Richard M. Ebeling | 3 comments | ContinuedNew Keynesians Finally Reject Keynes’s General Theory
“When people attempt to save more, the actual result may be only a lower level of output . . .” —Paul A. Samuelson[1] “Higher saving leads to faster growth . . .” —N. Gregory Mankiw[2] The two quotations above dramatically demonstrate the stark contrast between the “old” Keynesians and the “new.” Samuelson and the old-style [...]
1Sep1996 | Mark Skousen | 1 comment | ContinuedThe Failure of the New Economics
Dr. Peterson is Distinguished Lundy Professor of Business Philosophy Emeritus at Campbell University, North Carolina. In the beginning was Say’s Law—supply creates demand. But that was the “old economics.” Now, glory be, we’re blessed with the “New Economics”—demand creates supply—thanks to the “new” dazzling 1936 paradigm of The General Theory of Employment, Interest and Money [...]
1May1996 | William H. Peterson | 0 comments | ContinuedGood News: Textbook Macro Model Rejected!
Finally, a major academic economist has repudiated the dangerously flawed macro model used in all standard textbooks—the so-called Aggregate Supply (AS) and Aggregate Demand (AD) curves. David Colander, well-respected economics professor and author, has written a devastating critique of AS-AD macroeconomics in the latest issue of the prestigious Journal of Economic Perspectives, an official journal of the American Economic Association. What is more remarkable is that he considers himself a Keynesian “and proud of it,” yet he is in the forefront of revamping the way economics is taught.[2]
1Jan1996 | Mark Skousen | 1 comment | ContinuedThe Great Swindle
We live in the Age of Inflation. It has become a fixed idea among governments that their paramount economic aim must be to maintain “full employment,” and that full employment can be maintained only by deficit financing, artificially cheap money, or direct recourse to the printing press. Once under way, inflation sets in motion powerful [...]
1Sep1956 | Henry Hazlitt | 0 comments | Continued-
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