The Failure of the New Economics 1st Edition by Henry Hazlitt ISBN 1933550112 9781933550114

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Product details:

ISBN 10: 1933550112 

ISBN 13: 9781933550114

Author: Henry Hazlitt 

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 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

Table of contents:

I. INTRODUCTION

II. POSTULATES OF KEYNESIAN ECONOMICS

III. KEYNES vs. SAY’S LAW

IV. OVERTURE

V. “LABOR UNITS” AND “WAGE UNITS”

VI. THE ROLE OF EXPECTATIONS

VII. “STATICS” vs. “DYNAMICS”

VIII. INCOME, SAVING, AND INVESTMENT

IX. “THE PROPENSITY TO CONSUME”: I

X. “THE PROPENSITY TO CONSUME”: II

XL. “THE MULTIPLIER”

XII. “THE MARGINAL EFFICIENCY OF CAPITAL”

XIII. EXPECTATIONS AND SPECULATION

XIV. “LIQUIDITY PREFERENCE”

XV. THE THEORY OF INTEREST

XVI. CONFUSIONS ABOUT CAPITAL

XVII. “OWN RATES OF INTEREST”

XVIII. THE GENERAL THEORY RESTATED

XIX. UNEMPLOYMENT AND WAGE-RATES

XX. EMPLOYMENT, MONEY, AND PRICES

XXI. PRICES AND MONEY

XXII. THE “TRADE CYCLE”

XXIII. RETURN TO MERCANTILISM?

XXIV. KEYNES LETS HIMSELF GO

XXV. DID KEYNES RECANT?

XXVI. “FULL EMPLOYMENT” AS THE GOAL

XXVII. “THE NATIONAL INCOME APPROACH”

XXVIII. THE KEYNESIAN POLICIES

XXIX. SUMMARY

 

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