Description
Book SynopsisOne of the most striking phenomena in all of economics is the absence of a deep tradition of criticism focused on Keynesian economic theory. There have been critics but they are few and far between, even though Keynesian demand management has been at the centre of some of the worst economic outcomes in history, from the great stagflation of the 1970s to the twenty-year 'lost decade' in Japan that has been ongoing since the 1990s, and now, once again, the dismal recoveries that have followed the Global Financial Crisis. This book brings together some of the most vocal critics of Keynesian economics of the present time.
Each author attempts to explain what is wrong with Keynesian theory for those seeking guidance on where to turn for a more accurate explanation of the business cycle and what to do when recessions occur. The contributions are by scholars from a wide number of schools of economics, include but are not restricted to Austrian, monetarist and classical perspectives. Written not just for economists, this accessible book is one of the few anti-Keynesian texts available and explains the inability of public spending and lower interest rates to have restored robust economic growth and full employment after the GFC.
The collection offers an antidote to contemporary macroeconomic theory. It is an essential text for anyone wishing to understand why no stimulus has been able to bring recovery to any economy in which it has been tried.
Contributors include: P.Boettke, P.L. Bylund, T. Congdon, R.M. Ebeling, R.W. Garrison, S. Horwitz, S. Kates, A. Kling, A.B. Laffer, P. Newman, G. Reisman, D. Simpson, M. Skousen, P. Smith
Table of ContentsContents: Introduction 1. The Keynesian Liquidity Trap: An Austrian Critique Peter Boettke and Patrick Newman 2. What the Entrepreneurial Problem Reveals about Keynesian Macroeconomics Per L. Bylund 3. A Critique of Two Key Concepts in Keynesian Textbooks Tim Congdon 4. The Misdirection of Keynesian Aggregates for Understanding Monetary and Cyclical Processes Richard M. Ebeling 5. Cycles and Slumps in an Overly Aggregated Theoretical Framework Roger W. Garrison 6. The Problems with Keynesianism: A View from Austrian Capital Theory Steven Horwitz 7. The Dangers of Keynesian Economics Steven Kates 8. The Problem of Keynesian Aggregation Arnold Kling 9. What’s Wrong with Keynesian Economists? Arthur B. Laffer 10. Capital, Saving and Employment George Reisman 11. What’s Wrong With Keynesian Economics? David Simpson 12. Move Over Keynes: Replacing Keynesianism with a Better Model Mark Skousen 13. The Conclusive Fault Line in Keynesian Economics Peter Smith Index
