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Mises Economics Blog

Rothbard's Foreword to The Failure of the "New Economics"

March 14, 2007 9:00 AM by Mises.org Updates | Other posts by Mises.org Updates | Comments (6)

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

Comments (6)

  • Pablo Torre

  • I wonder if we'll ever be able to fully repair all the damage done by Keyne's nonesense...

  • Published: March 14, 2007 10:30 AM

  • Vince Cozza

  • 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

  • Published: March 14, 2007 1:42 PM

  • Mark Baumann

  • Well said Mr. Cozza!

  • Published: March 14, 2007 3:10 PM

  • Kenneth R. Gregg

  • http://www.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

  • Published: March 18, 2007 12:32 AM

  • tibblets

  • "Sterile" academics tend not to be so utterly incompentent.

  • Published: March 18, 2007 8:17 AM

  • Rockport

  • I fully agree about it!

  • Published: March 27, 2007 5:11 PM

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