I would like to thank Joe Salerno for his kind invitation to present the Ludwig von Mises lecture for 2010, in this way giving me the opportunity to present these views on the classical theory of the...
Steven Kates
Dr Steven Kates currently teaches economics at the RMIT University in Melbourne, but spent most of his working career as the Chief Economist for Australia’s national employer association, the Australian Chamber of Commerce and Industry. If he has a mission in life, it is to see Keynesian economic theory disappear from our textbooks and the return of the classical theory of the cycle as the guide to economic policy. He has written Free Market Economics: an Introduction for the General Reader (Edward Elgar 2011) which explains what economic theory looks like if the entrepreneur is placed at the centre of microeconomic analysis and in which Say’s Law is brought back as the core of macro.
Latest work
ABSTRACT: This note is built around five issues that center on the damage to economic theory caused by Keynes and his General Theory. They have been brought to mind by Machovec in his paper, “Our...
Demand is constituted by supply; according to Say’s Law, supply is demand. If you want to get to the essence of Say’s Law you must never think in terms of aggregate demand and aggregate supply. If you want to defeat Keynesian economics, you need to wage war on the very notion of aggregate demand. Nothing else will do.
