To start off Chapter 2 of “The General Theory of Employment, Interest, and Money”, Keynes makes a keen observation of the economics profession. That there is a tendency to talk more about how an economy distributes its wealth, and not how to produce more wealth as well as what determines the employment of the . . . → Read More: General Theory Study Guide: Book 1, Chapter 2, Sections I and II
It is a fun fact that both the “founder” of economics, Adam Smith, and “founder” of macro economics, John Maynard Keynes, share the same birthday. It is a not so fun fact that both men and their theories are so misunderstood by, not just the general public, but by other economists as well. I . . . → Read More: Happy B-day to 2 Misunderstood Men: Adam Smith & J.M. Keynes
As much as I’ve talked about economics on this blog, I’ve never actually read Keynes’s entire Magnum Opus, “The General Theory of Employment, Interest, and Money”. Sure, I’ve read parts of it here and there, but never all the way through as written. Normally, I’d feel ridiculous about talking about a subject without reading . . . → Read More: Reading The General Theory
The CATO institute is the foremost libertarian political organization. I like their blog because even though it’s ideological, it’s non-partisan. Meaning they will criticize both political parties and criticize both depending on what their advocating. That being said, in a recent post they took some cheap shots to try and disprove Keynesian economic theory.
Wikipedia . . . → Read More: CATO’s Cheap Shot at Keynes