In the twentieth century, wrote Murray Rothbard, the most influential economist was John Maynard Keynes, who swept the world of economics like an avalanche in 1936 with his General Theory of Employment, Interest, and Money, his teachings quickly becoming a new, entrenched economic orthodoxy. Henry Hazlitt, in this vitally important and desperately needed book, throws down the challenge in a detailed, thoroughgoing refutation. Keynes’s General Theory is here riddled chapter by chapter, line by line, with due account taken of the latest theoretical developments. The complete refutation of a vast network of fallacy can only be accomplished by someone thoroughly grounded in a sound positive theory. Henry Hazlitt has that groundwork. FULL ARTICLE
Source link: http://blog.mises.org/6376/rothbards-foreword-to-the-failure-of-the-new-economics/
Rothbard’s Foreword to The Failure of the “New Economics”
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I wonder if we’ll ever be able to fully repair all the damage done by Keyne’s nonesense…
The question was then, as it is now, why is Keynesian Economics considered ‘conventional wisdom’ in most universities and in the ‘liberal’ media? The answer is: it pretentiously justifies government manipulation of the economy. Its theories then make a socialist economy seem workable. Government will praise and support economists who preach theories that would increase the power of the state. Socialism requires total government control over all our activities, because it runs contrary to human nature. Only people who have unshakeable moral values would refrain from jumping on the Keynesian bandwagon.
Vince
Well said Mr. Cozza!
http://mises.org/journals/scholar/villacampa2.pdf is the link for Villacampa’s “Hazlitt v. Hanson”, which is a good overview of the main points in Hazlitt’s “Failure of the New Economics.”
Cheers!
Just Ken
“Sterile” academics tend not to be so utterly incompentent.
I fully agree about it!
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