The Critics of Keynesian Economics by Henry Hazlitt

By Henry Hazlitt

Top economists discover the fallacies and implications of Keynesian thought.

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By Henry Hazlitt

Top economists discover the fallacies and implications of Keynesian thought.

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The materials, tools, and subsistence necessary for the increased production now required of them, and articles of foreign luxury for their own increased unproductive consumption. These articles would not displace any formerly made in the place, but on the contrary, would forward the production of more. Hence we may consider the following propositions as established: 1. ): for almost every country habitually exports and imports to a much greater value than the incomes of its absentees, or of the foreign sojourners within it.

For whatever takes place afterwards, with a view to the supply of his wants, is a mere exchange of equivalents; and it is impossible that a person should ever be enriched by merely receiving an equal value in exchange for an equal value. " They say, that the capital, which any person has chosen to produce and to accumulate, can always find employment, since the fact that he has accumulated it proves that he had an unsatisfied desire; and if he cannot find anything to produce for the wants of other consumers, he can for his own.

As will be seen later, it is excluded on the ground that resistance to reductions in money wage-rates generally does not involve a reduction in the volume of employment and is, if anything, favorable to employment rather than the reverse. The omission charged against the "classical" economists is their failure to note the lesser resistance of labor to reductions in real wages if unassociated with JACOB VINER 49 reductions in money wages per se, and their failure to recognize the existence of a large volume of unemployment for which the former is an available and practicable remedy, but not the latter.

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