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Category Archives: Econoclasm
Critiques of economic sacred cows and religious gurus
Keynesian Fallacy and Collapse
One of the first posts of this blog describes the potential for a Keynesian economic collapse due to persistent policy application, over decades, of the Keynesian fallacy. The fallacy originated from simple mathematical errors in Keynes’ General Theory which have … Continue reading →
Optimal Aggregate Consumption
Over-consumption is not in the Keynesian lexicon. More consumption is assumed always to be better for economic growth (with few exceptions) in a Keynesian prescription of perpetual demand-stimulation policy of quasi-boom (Keynes, 1936, p. 322): Thus the remedy for the … Continue reading →
Saving=Investment Fallacy
“Saving=Investment” is axiomatic in macroeconomics as it is taught in basic textbooks, found in advanced research and assumed in national statistics. Yet it is a fallacy which can be traced to Keynes (1936, p.63) where he defined saving as “the … Continue reading →
Keynesian Economic Collapse
Nearly 80 years of Keynesian fallacy has brought the global economy to the edge of collapse. Governments everywhere love Keynesian economics which axiomatically requires governments to spend to maintain aggregate consumption in their economies. What is there not to like … Continue reading →
Why this blog
With so many blogs already in existence, why yet another? The global financial crisis is also a crisis in economic education. Economic education is now a debt-financed lobotomy. University graduates who populate the ranks of business and government have made … Continue reading →