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This is a podcast of me talking to Tom Woods about my first book Say’s Law and the Keynesian Revolution. I think of it as the single most important economic issue of our time, because if we don’t finally work it out that Keynes got it completely wrong, we are going to create for ourselves a permanently lower standard of living and a widening underclass of the unemployed and under-employed.
You cannot make an economy grow from the demand side. It is so rare to find someone who understands the point, making this an almost unique and quite exceptional place from which you can discover what the issues are and why they matter. Most of it is found in great detail in my Say’s Law and the Keynesian Revolution (published in 1998 and in paperback in 2009), but there are some things I have discovered since, many of which are found in the Liberty Fund discussion on the Economics of John Stuart Mill (found here: http://oll.libertyfund.org/pages/lm-jsm) for which I wrote the lead article.
This podcast gives a summary of many of the most important things that matter on Keynes and Say’s Law, which can only happen when the person asking the questions understands the issues himself. For a more comprehensive coverage of all of these issues and why they matter, see the second edition of my introductory text: Free Market Economics: an Introduction for the General Reader.
Dr Steven Kates is Associate Professor of economics at the RMIT University in Melbourne, but spent most of his working career as the Chief Economist for Australia’s national employer association, the Australian Chamber of Commerce and Industry. If he has a mission in life, it is to see Keynesian economic theory disappear from our textbooks and the return of the classical theory of the cycle as the guide to economic policy.
September 7, 2015
Author Articles, Economics Finance