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The Failure of the New Economics: An Analysis of the Keynesian Fallacies by Henry Hazlitt
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The Failure of the New Economics: An Analysis of the Keynesian Fallacies

by Henry Hazlitt

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"Page by page refutation of JMK's most famous work "The General Theory of Employment, Interest and Money," and both books show considerable prescience with regard to the stagflation that emerged in the 1970s" WSJ review, John C. Webb
  ank-en-aton | Oct 11, 2009 |
Hazlitt finds that Keynes did not put the classical economists behind him as he claimed to have done, but had rather gone back to mercantilism, and were continually blind to the reciprocality of the market.
Unemployment Hazlitt claims is nothing mysterious, but simply the result of wages pushed above market price, but how the correct market price is to be obtained is not indicated. (Daily price for every individual worker on the stock market, and all hired individually per day on that basis?)
The book is easy to read, which cannot be said of the book that is its subject. The difficulty in reading Keynes lies in Keynes own confusion Hazlitt writes, he does not stick to a single definition of important terms and that way fools himself often. The use of algebra in the General Theory is dismissed with the information that hypothetical premises gives hypothetical conclusions even in maths. ( )
  jahn | Dec 17, 2008 |
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