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Standing Keynesianism on Its Head

http://mises.org/story/3424

Mises Daily by George Reisman | Posted on 4/20/2009 12:00:00 AM

As Employment Increases in Response to a Fall in Wage Rates, the Rate of Profit Rises, Not Falls

This is the third in a series of articles that seeks to provide the intelligent layman with sufficient knowledge of sound economic theory to enable him to understand what must be done to overcome the present financial crisis and return to the path of economic progress and prosperity

Contents:

  1. Introduction
  2. Popular Keynesianism
  3. Spending for Capital Goods Can Rise at the Same Time that Spending for Consumers' Goods Falls
  4. Hoarding and the Rate of Profit
  5. 100 Percent Hoarding and an Infinite Rate of Profit
  6. More on Hoarding and the Rate of Profit
  7. The Keynesian IS-LM Doctrine
  8. Keynes's Bait and Switch
  9. Further Problems with Keynesianism
  10. In a Recovery, Investment and Profits Move Together
  11. In a Depression, Saving and Net Investment Are Negative
  12. Conclusion
  13. Beyond Keynesianism: Marxism



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