Dissent on Keynes: A Critical Appraisal of Keynesian EconomicsMark Skousen Keynesian economics is not dead but is alive and kicking in the U.S. and elsewhere. However, Keynesian economics has caused the U.S. and other countries under its influence to suffer inflation, economic instability, excessive debt, overconsumption, and underinvestment on a serious scale. Meanwhile, many Far Eastern and European countries have rejected Keynesian-style economics and are rapidly surpassing the U.S. in economic growth. This edited volume is the first and only modern work to attack Keynesian economic theory, which is at the root of many of the U.S. economic problems. |
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... unemployment rates . There is no mechanism in the theory to reduce the equilibrium level of unemployment for wage rates below the market - clearing level . As the wage rate increases above the market - clearing level , more and more ...
... Unemployment Rate ( Percent ) estimate of the relation between unemployment and the rate of change of money wage rates " ( Phillips 1958 : 284 ) . After inspecting the scatter diagram ( repro- duced as Figure 3.5 ) , he claimed that ...
... unemployed , even if his expectations turn out to be in error.3 As Mises writes : Unemployment is a phenomenon of a changing economy . The fact that a worker dis- charged on account of changes occurring in the arrangement of production ...
Contents
Introduction | 3 |
Keynes and Keynesianism 442 | 5 |
An Unwise Policy for Recovery | 35 |
Copyright | |
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Dissent on Keynes: A Critical Appraisal of Keynesian Economics Mark Skousen No preview available - 1992 |