In my view, Say’s Law may be the single most important principle in economics. But it is a principle that … Continue reading “Keynes’s disastrous contribution to economic theory”

The text of the first edition of Free Market Economics: An Introduction for the General Reader was written in a … Continue reading “Fiscal stimulus policies were doomed to fail”

In this thoroughly updated second edition of Free Market Economics, Steven Kates assesses economic principles based on classical economic theory … Continue reading “Free Market Economics, Second Edition”

I am reading the Economist and Financial Times 2013 book of the year, Stephen D. King’s When the Money Runs … Continue reading “What to do before the money runs out”

I was given a copy of John Kenneth Galbraith’s 1975 treatise which goes by the name of Money: Whence it … Continue reading “Debts, deficits and slow growth”

Has Keynesian economics reached the final frontier of idiocy? I may live on the other side of the world, but … Continue reading “Negative interest rates: policy reaches a new low”

There was a passage in the Wall Street Journal’s Notable & Quotable column the other day from an essay written by John Stuart … Continue reading “‘What a country wants to make it richer, is never consumption, but production’”

After writing ‘you cannot make an economy grow through public spending’ I received this touching statement of Keynesian faith in … Continue reading “Economic theory’s identity crisis: why Keynesianism must go”

Only someone with professional training in economics has ever heard of the economic principle now known as Say’s Law of … Continue reading “Say’s Law of Markets”

According to Wicksell, there are two interest rates, one visible and the other almost totally invisible. The visible rate is … Continue reading “A Wicksellian monetary policy?”

The recent decisions to retain the ‘Bush tax cuts’ in the United States and to withdraw the trillion-dollar-plus expenditure bill … Continue reading “An obituary for Keynesian economics: born 1936 – died 2010”

The Social Network is a wonderfully entertaining film. It may also be – and if it is, it will only … Continue reading “‘The Social Network’ – a Free Market Classic”

My life, of late, has been submerged under the burden of finishing off a book which I am happy to … Continue reading “Keynesian theory should be removed from our texts”

“When John Maynard Keynes talked of persistent under-employment, he did not mean that, following a big shock, economies stay frozen … Continue reading “Robert Skidelsky’s economic policy mess”

I go to Singapore to teach every six months, which is always instructive. On this occasion, I discovered something I … Continue reading “America’s Keynesian horror show”

”, although more formally titled, “Fear the Boom and Bust”. It has had a million hits and if nothing else … Continue reading “Loosening the grip of Keynesian thought”

The world is filled with irony and idiocies aplenty. For how many years was inflation targeting the very essence of … Continue reading “Inflation must follow”

To die at 94, still compos mentis , still engaged in the economic debate, is astonishing. Some people seem to … Continue reading “A note on Paul Samuelson”

What we call “Keynesian” economics is not some minor sub-division of economic theory but is the very essence of macroeconomics … Continue reading “The tragic failure of Keynesian economics”

My life, of late, has been submerged under the burden of finishing off a book which I am happy to … Continue reading “Keynesian theory should be removed from our texts”

“When John Maynard Keynes talked of persistent under-employment, he did not mean that, following a big shock, economies stay frozen … Continue reading “Robert Skidelsky’s economic policy mess”

I go to Singapore to teach every six months, which is always instructive. On this occasion, I discovered something I … Continue reading “America’s Keynesian horror show”

There is a video doing the rounds at the moment under the name, the “Keynes-Hayek Rap”, although more formally titled, … Continue reading “Loosening the grip of Keynesian thought”

I am now on a 40,000 kilometre round trip to present a paper that will last but a single hour. … Continue reading “Speaking of Say’s Law”

The world is filled with irony and idiocies aplenty. For how many years was inflation targeting the very essence of … Continue reading “Inflation must follow”

To die at 94, still compos mentis, still engaged in the economic debate, is astonishing. Some people seem to be … Continue reading “A note on Paul Samuelson”

Peter Clarke was Professor of Modern British History at Cambridge and is the author of one of the leading texts … Continue reading “Winston Churchill and the financial crisis”

What is one to make of this report? BEIJING, Nov 18 (Reuters) – President Barack Obama gave his sternest warning … Continue reading “A presidential reality check”

There are at least three ways used to determine the success of an economy. We deal with something abstract called … Continue reading “Economic recovery: don’t trust the GDP figures”

One frequently hears statements that the stimulus package led to a lower level of unemployment or that it contributed to … Continue reading “Stimulus success stories should be treated with scepticism”

What one does is typically built around what one believes. This is as true of economic policy as of anything … Continue reading “Understanding the business cycle”

The word is getting out that Keynesian economics is worthless as a guide to policy. Criticisms of public spending are … Continue reading “Keynes versus the classics – the true story”

What we call “Keynesian” economics is not some minor sub-division of economic theory but is the very essence of macroeconomics … Continue reading “The tragic failure of Keynesian economics”