All Posts Tagged With: "Keynes"
The Case for Capitalism
This article is from Henry Hazlitt’s September 19, 1949 Newsweek column. There has just been published by the Yale University Press a book that is destined to become a landmark in the progress of economies. Its title is Human Action, and its author is Ludwig von Mises. It is the consummation of half a century [...]
19Aug2009 | Henry Hazlitt | 3 comments | ContinuedIn Defense of Ideology
There have been many statements recently to the effect that we should not let “ideology” or “philosophy” stand in the way of solving our economic problems. Indeed, the Obama administration (like the previous Bush administration) is keen to persuade us to drop all this prejudice and to go after each problem–banking, stimulus, and so forth–on [...]
19Aug2009 | Mario Rizzo | 1 comment | ContinuedKeynes’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 First is the notion that savings are not spent but rather are withdrawn from the expenditure stream.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 | 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 | ContinuedMainstream Macro in an Austrian Nutshell
While the events that have unfolded over the past year have required some outside-the-box theorizing by mainstream macroeconomists, the econo-mists of the Austrian school can offer a straightforward, fill-in-the-blanks explanation by drawing on the theory first articulated by Ludwig von Mises and then developed by Friedrich A. Hayek.
24Apr2009 | Roger W. Garrison | 16 comments | ContinuedKeynesian Cons
My latest article in The American Conservative is here. A teaser: Indeed, you would be hard-pressed to find a conservative who admits to being an orthodox Keynesian, conservatives having joined the Church of the Supply Side many years ago. But though Keynesianism tends to be associated with big-government “liberalism”—in its original form, liberalism stood for [...]
23Apr2009 | Sheldon Richman | 0 comments | ContinuedRecycling Discredited Ideas
The current financial crisis has fueled a frenzied recycling of discredited Keynesian ideas. We are hearing again of the need for “public works,” of the need to “stimulate” the economy. The Federal Reserve is frantically inflating the supply of money. We are laying the groundwork for a disaster reminiscent of the 1970s—if not worse.
1Apr2009 | Peter Lewin | 11 comments | ContinuedKeynes and Public Works
From Mario Rizzo: The eminent economist John Maynard Keynes is having a moment these days, as policymakers and pundits search for answers to the current economic problems. . . .But if we are going to attempt to solve the problems of today by drawing inspiration from Keynes, then we should pay attention to his mature [...]
24Feb2009 | Sheldon Richman | 0 comments | ContinuedKeynes Returns
Keynes is all the rage these days. Our House of Commons and Lords — sorry, House of Representatives and Senate — are brimming with Keynesians, and more than one news commentator has boldly declared (as we’ve heard before), “We’re all Keynesians now.” In light of the resurrection of the at least twice-interred Keynes , I [...]
13Feb2009 | Sheldon Richman | 0 comments | ContinuedWill on the "Stimulus"
George Will has an excellent column on the House-Senate bill approved yesterday. Pay attention to the quotes from John F. Kennedy. You’ll see why Ayn Rand called his program “The Fascist New Frontier.”Read it here.
12Feb2009 | Sheldon Richman | 0 comments | ContinuedKeynes v. Hayek
Former U.S. Rep. Dick Armey has an excellent op-ed contrasting the views of Hayek and Keynes in today’s Wall Street Journal. “Washington Could Use Less Keynes and More Hayek” is here. A sample: Hayek, who famously debated Keynes in a series of articles after the release of “General Theory,” gave what I believe to be [...]
4Feb2009 | Sheldon Richman | 0 comments | ContinuedKrugman Watch, cont'd.
[I]t’s clear that when it comes to economic stimulus, public [taxpayer] spending provides much more bang for the buck than tax cuts — and therefore costs less per job created … — because a large fraction of any tax cut will simply be saved. –“Bad Faith Economics” And saving has absolutely nothing to do with [...]
26Jan2009 | Sheldon Richman | 2 comments | ContinuedPaul Krugman Flunks Capital Theory
Paul Krugman is said to have beat up on George Will during this joint appearance on ABC’s “This Week” back in November. But all Krugman really did was show that he, like Keynes, holds an unrealistic Play-Doh model of capital, as opposed to the heterogeneous, multistage, intertemporal structure-of-production model of the Austrian school. When Will [...]
21Jan2009 | Sheldon Richman | 0 comments | ContinuedKeynes the Jokester?
I spent much of my recent vacation reading Henry Hazlitt’s chapter-by-chapter demolition of Keynes’s The General Theory of Employment, Interest, and Money (1936), The Failure of the “New Economics” (1959). I didn’t expect to read the book cover to cover, but after only a few pages I had to keep going. It is that well-written [...]
4Jan2009 | Sheldon Richman | 0 comments | ContinuedKeynesianism Demolished
Here’s an excellent video by economist Dan Mitchell on the Keynesian fallacies inherent in government stimulation of the economy.
16Dec2008 | Sheldon Richman | 19 comments | ContinuedSave Us from Government Spending
If you’re a glutton for torment as I am, you watch cable-TV news shows most nights. These days the shows are feeding viewers a steady diet of 100-proof Keynesianism as the cure for our economic woes. Leading in this department is Chris Matthews of MSNBC’s “Hardball.” (I call it “Nerf Ball.” Matthews’s idea of a [...]
14Nov2008 | Sheldon Richman | 0 comments | Continued-
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