The Failure of the New Economics

The Failure of the New Economics

The target here is John Maynard Keynes's "General Theory," the book that appeared in 1936 and swept all before it. In economic science, Keynes changed everything.

Author: Henry Hazlitt

Publisher:

ISBN: 1684220467

Category: Business & Economics

Page: 472

View: 769

2016 Reprint of 1959 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. Henry Hazlitt did the seemingly impossible, something that was and is a magnificent service to all people everywhere. He wrote a line-by-line commentary and refutation of what he considered to be one of the most destructive, fallacious, and convoluted books of the century. The target here is John Maynard Keynes's "General Theory," the book that appeared in 1936 and swept all before it. In economic science, Keynes changed everything. He supposedly demonstrated that prices don't work, that private investment is unstable, that sound money is intolerable, and that government was needed to shore up the system and save it. It was simply astonishing how economists the world over put up with this, but it happened. He converted a whole generation in the late period of the Great Depression. By the 1950s, almost everyone was Keynesian. But Hazlitt, the nation's economics teacher, would have none of it. And he did the hard work of actually going through the book to evaluate its logic according to Austrian-style logical reasoning. The result: a nearly 500-page masterpiece of exposition.
Categories: Business & Economics

The Failure of the New Economics

The Failure of the New Economics

Author: Henry Hazlitt

Publisher: Ludwig von Mises Institute

ISBN: 9781610164504

Category: Economics

Page: 458

View: 158

The distinguished economic journalist refutes the theorems found in Keynes' General Theory of Employment, Interest, and Money and cites briefly the contradictions and dangers of his national income approach.
Categories: Economics

Market Failure in Training

Market Failure in Training

The papers in this volume were fIrst presented at a symposium on "An Expanded Public Role in Job Training? The Issue of Market Failure in the Provision of Training. " The symposium took place in May, 1989.

Author: David Stern

Publisher: Springer Science & Business Media

ISBN: 9783642769863

Category: Political Science

Page: 233

View: 942

The papers in this volume were fIrst presented at a symposium on "An Expanded Public Role in Job Training? The Issue of Market Failure in the Provision of Training. " The symposium took place in May, 1989. It was sponsored by the LaFollette Institute of Public Affairs at the University of Wisconsin, Madison. JozefRitzen, then in Madison on leave from Erasmus University in the Netherlands, organized the symposium. Subsequently he became Minister of Education and Science for the Netherlands. He asked David Stern to fInish the work of editing the papers for publication. All the papers have been revised in light of comments by discussants at the symposium, as well as subsequent comments by the editors and outside reviewers. INTRODucrroN AND OVERVIEW Jozef M. M. Ritzen Erasmus University Rotterdam Minister of Education and Science The Netherlands David Stem School of Education University of California, Berkeley Two factors are contributing to an increased interest in the training of adult employees. First, there is the present high rate of change in the technologies embodied in products and in production processes. This enhances the negative effect of the undersupply of training on economic growth. Higher levels of training would provide a more fertile environment for technological change. The second factor is the aging of the population.
Categories: Political Science

The Failure of the New Economics An Analysis of the Keynesian Fallacies

The Failure of the  New Economics   An Analysis of the Keynesian Fallacies

Their spending this year may depend to a large extent on whether they expect the prices of the things they want to buy to be higher or lower next year. People may buy on impulse. They may refrain from buying through loss of confidence, ...

Author: Henry Hazlitt

Publisher: Pickle Partners Publishing

ISBN: 9781786258632

Category: Business & Economics

Page: 378

View: 455

First published in 1959, this is a line-by-line commentary and refutation of one of the most destructive, fallacious, and convoluted books of the century: John Maynard Keynes’s General Theory, published in 1936. In economic science, Keynes changed everything. He supposedly demonstrated that prices don’t work, that private investment is unstable, that sound money is intolerable, and that government was needed to shore up the system and save it. It was simply astonishing how economists the world over put up with this, but it happened. He converted a whole generation in the late period of the Great Depression. By the 1950s, almost everyone was Keynesian. However, Hazlitt, the nation’s economics teacher, would have none of it. And he did the hard work of actually going through the book to evaluate its logic according to Austrian-style logical reasoning. “Hazlitt’s fine critique of Keynes is a worthy complement to Mises’ Human Action. Henry Hazlitt, a renowned economic journalist, is a better economist than a whole host of sterile academicians, and, in contrast to many of them, he is distinguished by courage: the courage to remain an “Austrian” in the teeth of the Keynesian holocaust, alongside Mises and F. A. Hayek. On its merits, this book should conquer the economics profession as rapidly as did Keynes. But whether the currently fashionable economists read and digest The Failure of the “New Economics” or not is, in the long run, immaterial: it will be read and it will destroy the Keynesian System.”—Murray Rothbard
Categories: Business & Economics

The New Economics of Technology Policy

The New Economics of Technology Policy

This innovative book comprehensively sheds light on the theory and practice of technological policies by employing modern analytical tools and economic techniques.

Author: Dominique Foray

Publisher: Edward Elgar Publishing

ISBN: 9781848449169

Category: Technology & Engineering

Page: 443

View: 288

This innovative book comprehensively sheds light on the theory and practice of technological policies by employing modern analytical tools and economic techniques. The New Economics of Technology Policy focuses on all public interventions intended to influence the intensity, composition and direction of technological innovations within a given entity such as a region, country or group of countries. Dominique Foray has gathered together many of the leading scholars in the field to comprehensively explore numerous avenues and pathways of research. Bringing together a collection of policy-oriented papers, this book will strongly appeal to policy-makers, academic researchers and graduate students with an interest in economics, public policy, science, technology and society.
Categories: Technology & Engineering

The Failure of Laissez Faire Capitalism and Economic Dissolution of the West

The Failure of Laissez Faire Capitalism and Economic Dissolution of the West

This very readable book by a distinguished economist, Wall Street Journal editor, and Assistant Secretary of the US Treasury is a major challenge both to economic theory and to media explanations of the ongoing 21st century economic crisis.

Author: Paul Craig Roberts

Publisher: Atwell Publishing

ISBN: 9780988406513

Category:

Page:

View: 409

This very readable book by a distinguished economist, Wall Street Journal editor, and Assistant Secretary of the US Treasury is a major challenge both to economic theory and to media explanations of the ongoing 21st century economic crisis. The one percent have pulled off an economic and political revolution. By offshoring manufacturing and professional service jobs, US corporations destroyed the growth of consumer income, the basis of the US economy, leaving the bulk of the population mired in debt. Deregulation was used to concentrate income and wealth in fewer hands and financial firms in corporations “too big to fail,” removing financial corporations from market discipline and forcing taxpayers in the US and Europe to cover bankster losses. Environmental destruction has accelerated as economists refuse to count the exhaustion of nature’s resources as a cost and as corporations impose the cost of their activities on the environment and on third parties who do not share in the profits. This is the book to read for those who want to understand the mistakes that are bringing the West to its knees.
Categories:

What You Should Know About Inflation

What You Should Know About Inflation

For this paper-bound edition Mr. Hazlitt has added new statistics and information, and in a new preface he comments on the current economic situation.

Author: Henry S. Hazlitt

Publisher: Pickle Partners Publishing

ISBN: 9781787200524

Category: Business & Economics

Page: 142

View: 591

A noted economist exposes the truth behind our shrinking dollars... What precisely is inflation? What is its cause? Its cure? How long will it last? Is there any way you can take advantage of inflation? If not, how can you protect yourself against further erosion in the value of your savings? Henry Hazlitt gives his answers to these questions and many more in this clear, readable book. He exposes the fallacies by which some people have come to justify inflation, and he discusses the role of governments in creating the very inflation that they claim to be combatting. For this paper-bound edition Mr. Hazlitt has added new statistics and information, and in a new preface he comments on the current economic situation. What You Should Know About Inflation is required reading for anyone who wants to know why his money is worth less and what he can do about it. “A keen economic mind...provides an incisive primer on the subject.”—THE WALL STREET JOURNAL “This concise little book explains the elements of the subject in simplest terms, and takes the mystery out of the technical jargon in which it is too often buried. Henry Hazlitt answers...questions with logic and lucidity.”—INVESTMENT DEALER’S DIGEST
Categories: Business & Economics

How Growth Really Happens

How Growth Really Happens

This book will profoundly change the way we see the economy. A masterpiece.

Author: Michael H. Best

Publisher: Princeton University Press

ISBN: 9780691179254

Category: Business & Economics

Page: 290

View: 400

A groundbreaking study that shows how countries can create innovative, production-based economies for the twenty-first century Achieving economic growth is one of today's key challenges. In this groundbreaking book, Michael Best argues that to understand how successful growth happens we need an economic framework that focuses on production, governance, and skills. This production-centric framework is the culmination of three simultaneous journeys. The first has been Best's visits to hundreds of factories worldwide, starting early as the son of a labor organizer and continuing through his work as an academic and industrial consultant. The second is a survey of two hundred years of economic thought from Babbage to Krugman, with stops along the way for Marx, Marshall, Young, Penrose, Richardson, Schumpeter, Kuznets, Abramovitz, Keynes, and Jacobs. The third is a tour of historical episodes of successful and failed transformations, focusing sharply on three core elements—the production system, business organization, and skill formation—and their interconnections. Best makes the case that government should create the institutional infrastructures needed to support these elements and their interconnections rather than subsidize individual enterprises. The power of Best's alternative framework is illustrated by case studies of transformative experiences previously regarded as economic "miracles": America's World War II industrial buildup, Germany's postwar recovery, Greater Boston's innovation system, Ireland's tech-sector boom, and the rise of the Asian Tigers and China. Accessible and engaging, How Growth Really Happens is required reading for anyone who wants to advance today's crucial debates about industrial policy, free trade, outsourcing, and the future of work.
Categories: Business & Economics

Ireland

Ireland

Ireland: A New Economic History offers a fresh, comprehensive economic history of Ireland between 1780 and 1939, which is mould-breaking in its methodology and unparalleled in its broad scope and comparative focus.

Author: Cormac Ó Gráda

Publisher: Oxford University Press

ISBN: STANFORD:36105009750493

Category: Social Science

Page: 536

View: 549

Ireland: A New Economic History offers a fresh, comprehensive economic history of Ireland between 1780 and 1939, which is mould-breaking in its methodology and unparalleled in its broad scope and comparative focus. Cormac O Grada unites historical research and economic theory in an original and stimulating book which will be essential reading for all students of Irish history. Within a broadly chronological framework, Professor O Grada examines all the well-known puzzles of Irish economic history during this period - including the 'inevitability' of the famine, the role of land tenure in agricultural backwardness, and the 'failure' of the economy to industrialize. His account is both accessible, with technical discussion kept to a minimum, and intellectually exciting.
Categories: Social Science

Austrian School Publications

Austrian School Publications

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online.

Author: Source Wikipedia

Publisher: Booksllc.Net

ISBN: 1230798404

Category:

Page: 30

View: 407

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 28. Chapters: America's Great Depression, An Austrian Perspective on the History of Economic Thought, A History of Money and Banking in the United States (book), Bureaucracy (book), Capital and Interest, Conceived in Liberty, Economics in One Lesson, Economic Calculation in the Socialist Commonwealth, Egalitarianism as a Revolt Against Nature and Other Essays, For a New Liberty, Human Action, Individualism and Economic Order, Journal of Libertarian Studies, Law, Legislation and Liberty, Liberalism (book), Man, Economy, and State, Omnipotent Government, Power and Market, Principles of Economics, Quarterly Journal of Austrian Economics, Socialism (book), The Anti-Capitalistic Mentality, The Betrayal of the American Right, The Case Against the Fed, The Constitution of Liberty, The Economics and Ethics of Private Property, The Ethics of Liberty, The Failure of the New Economics, The Libertarian Forum, The Mystery of Banking, The Panic of 1819, The Theory of Money and Credit, The Use of Knowledge in Society, What Has Government Done to Our Money?. Excerpt: For a New Liberty: The Libertarian Manifesto is a book by American economist and historian Murray N. Rothbard, first published in 1973, that helped launch the modern libertarian movement in the United States, and was the first modern free market anarchist manifesto (though both capitalistic and anti-capitalistic theories of free-market anarchism had been advanced by the 19th century individualist anarchists). The second edition was first published in 1978, while the third edition was first published in 1985. It is the only book for which Rothbard received a mainstream publishing contract. Radicals for Capitalism notes, "This book strove to synthesize, in condensed form, the economic, historical, philosophical, and policy elements of Rothbard's vision...the book was meant as both a...
Categories:

Market Failure in Training

Market Failure in Training

The objective of this series is to report on new developments in the broad field of modern economics.

Author: David Stern

Publisher: Springer Verlag

ISBN: 0387546227

Category: Business & Economics

Page: 233

View: 855

Categories: Business & Economics

New Economic Engine Effective Government and Efficient Market

New Economic Engine  Effective Government and Efficient Market

This book contains at least three main highlights: breaking through the limitations of the mainstream Western economics system and the market theory framework, correctly explaining the successful experience of China’s reform and opening ...

Author: Yunxian Chen

Publisher: Springer Nature

ISBN: 9789811529221

Category: Business & Economics

Page: 120

View: 890

This book contains at least three main highlights: breaking through the limitations of the mainstream Western economics system and the market theory framework, correctly explaining the successful experience of China’s reform and opening up over the past 40 years from an economic perspective, and developing a new economics system and market theory. China’s reform and opening up and innovative developments have provided a wide range of materials and resources for this theory; the results of this research will be integrated into world economic theories and serve the economic development and economic growth across the world.
Categories: Business & Economics

The New American Economy

The New American Economy

Bartlett makes a compelling, historically-based case for large tax increases, once anathema to him and his economic allies. In The New American Economy, Bartlett seeks to clarify a compelling and way forward for the American economy.

Author: Bruce Bartlett

Publisher: St. Martin's Press

ISBN: 0230101003

Category: Business & Economics

Page: 272

View: 955

As a domestic policy advisor to Ronald Reagan, Bruce Bartlett was one of the originators of Reaganomics, the supply-side economic theory that conservatives have clung to for decades. In The New American Economy, Bartlett goes back to the economic roots that made Impostor a bestseller and abandons the conservative dogma in favor of a policy strongly based on what's worked in the past. Marshalling compelling history and economics, he explains how economic theories that may be perfectly valid at one moment in time under one set of circumstances tend to lose validity over time because they are misapplied under different circumstances. Bartlett makes a compelling, historically-based case for large tax increases, once anathema to him and his economic allies. In The New American Economy, Bartlett seeks to clarify a compelling and way forward for the American economy.
Categories: Business & Economics

The Foundations of Morality

The Foundations of Morality

In this impressive work Henry Hazlitt explores the proper foundation of morality, offering a unified theory of laws, morals, and manners.

Author: Henry Hazlitt

Publisher: CreateSpace

ISBN: 1452858152

Category: Philosophy

Page: 398

View: 142

In this impressive work Henry Hazlitt explores the proper foundation of morality, offering a unified theory of laws, morals, and manners. Noted economist Leland Yeager, in his foreword to this edition, says that The Foundations of Morality "provides . . . the soundest philosophical basis for the humane society that is the ideal of classical liberals."
Categories: Philosophy

Crisis and the Failure of Economic Theory

Crisis and the Failure of Economic Theory

This book presents an alternative theoretical approach built on the lessons of Marx, Keynes, Schumpeter, Kalecki, Kaldor and Minsky, which highlights the structural instability of a capitalist economy and the endogenous nature of the ...

Author: Giancarlo Bertocco

Publisher: Edward Elgar Publishing

ISBN: 9781785365355

Category:

Page: 256

View: 851

Economists have rightly been criticized for not having foreseen the crisis that exploded in 2007–2008. As Giancarlo Bertocco eloquently argues, responsibility does indeed rest heavily on their shoulders. By developing a theory which excluded the possibility that a catastrophic crisis could ever happen, the economics profession has justified decisions and behaviours that caused the Great Recession. This book presents an alternative theoretical approach built on the lessons of Marx, Keynes, Schumpeter, Kalecki, Kaldor and Minsky, which highlights the structural instability of a capitalist economy and the endogenous nature of the current crisis.
Categories:

The Failure of Soviet Economic Planning

The Failure of Soviet Economic Planning

Robert W. Campbell's outstanding work provides an indispensable resource for understanding what the Soviet economic system was and the problems it faced in the transition to the market model.

Author: Robert Wellington Campbell

Publisher:

ISBN: STANFORD:36105000134432

Category: History

Page: 185

View: 684

Although the Soviet Union's centrally planned economic system played a significant role in world economic growth and modernization, it ultimately failed to compete with market forms of economic organization. Despite unavailing efforts at reform, it has now been abandoned, as the republics of the former USSR move painfully toward the market. Robert W. Campbell, one of the most respected U.S. specialists on the economy of the former Soviet Union, probes the evolution, behavior, and fatal weaknesses of the Soviet administrative-command economy. His essays cover a broad set of perspectives--theoretical interpretation of the Soviet-type economy and the growth model that went with it, concrete analyses of individual sections and functions, evaluation of the microeconomics of Soviet decision making, and descriptions of attempts at institutional and doctrinal reforms. They provide instructive background on some of the biggest problems now facing the Commonwealth of Independent States, such as the monetary and fiscal collapse engendered by reform, the looming fuel and energy disaster, and the seemingly intractable task of transforming the military-industrial complex and integrating its resources into the civilian economy. Robert W. Campbell's outstanding work provides an indispensable resource for understanding what the Soviet economic system was and the problems it faced in the transition to the market model.
Categories: History