Before Keynes, Conventional Economic Thought (CET) was based on three principles. The first principle is that unemployment is automatically eliminated by the free market. The second principle is the ...

As a result of the depression of the 1920s and 1930s, a new wave of critics tackled the neo-classical creed on a largely pragmatic basis. This new wave was international and involved political leaders ...

In his classic critique of John Maynard Keynes, “The Failure of the ‘New Economics’,” Henry Hazlitt, opens new tab notes in a passage entitled “Equilibrium of an Ice Cube”: The way Hazlitt derides the ...

Journal of Post Keynesian Economics, Vol. 39, No. 1 (2016), pp. 17-43 (27 pages) On first encounter, the ergodic/nonergodic (ENE) approach has apparent plausibility. Although concerned by some of its ...

(MENAFN- Jordan Times) SALZBURG - In 2009, while the world economy was still reeling from the global financial crisis, Nobel laureate economist Robert Lucas observed that“everyone is a Keynesian in ...

Bloodletting is the withdrawal of blood from a patient to cure or prevent illness. It was based on an ancient system of medicine in which the proper balance of bodily fluids like blood were considered ...

Long a monetarist advocate, Tim Congdon's distinguished career involved roles in the City of London and as a key advisor to the Thatcher government. To this day, Money in a Free Society remains one of ...