Download Critics of Keynesian Economics by Henry Hazlitt PDF

By Henry Hazlitt

Henry Hazlitt faced the increase of Keynesianism in his day and prepare an highbrow arsenal: the main incredible economists of the time exhibiting what's wrong with the procedure, in nice element with nice rigor. With excerpts from books and articles released among the 30s and 50s, it continues to be the main robust anti-Keynesian assortment ever assembled

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Now the effect of the employment of money, and even the utility of it, is, that 42 THE CRITICS OF KEYNESIAN ECONOMICS it enables this one act of interchange to be divided into two separate acts or operations; one of which may be performed now, and the other a year hence, or whenever it shall be most convenient. Although he who sells, really sells only to buy, he needs not buy at the same moment when he sells; and he does not therefore necessarily add to the immediate demand for one commodity when he adds to the supply of another.

Indeed, if the nation be in a thriving condition, the gross national re-production exceeds the gross consumption. 11 Having once arrived at the clear conviction, that the general demand for products is brisk in proportion to the activity of production, we need not trouble ourselves much to inquire towards what channel of industry production may be most advantageously directed. The products created give rise to various degrees of demand, according to the wants, the manners, the comparative capital, industry, and natural resources of each country; the article most in request, owing to the competition of buyers, yields the best interest of money to the capitalist, the largest profits to the adventurer, and the best wages to the labourer; and the agency of their respective services is naturally attracted by these advantages towards those particular channels.

Rome and Naples are perhaps purely benefited by the foreigners sojourning there: for they have so little external trade, that their case may resemble that of the village in our hypothesis. Absenteeism, therefore, (except as shown in the first Essay,) is a local, not a national evil; and the resort of foreigners, in so far as they purchase for unproductive consumption, is not, in any commercial country, a national, though it may be a local good. From the considerations which we have now adduced, it is obvious what is meant by such phrases as a brisk demand, and a rapid circulation.

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