Book: Hutt Debunks Keynes

“Long before the days of Krugman, Keynesianism relied on mischaracterizing the positions of its opponents. One of the best examples is Keynes’s attack on the work of Jean Baptise Say.

In his attempt to dismiss Say’s Law, he simplified it to “supply creates its own demand.” This is, of course, not true.

Instead, what Say actually said was that “A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value.” In other words, production precedes consumption and anyone’s demand is constituted by supply.

Since the Keyensian agenda, with its focus on deficit spending, stands in opposition to such common sense, Say had to be disposed of.

In this book, the great William Hutt sought to resurrect Say’s vital contributions to economic thought. Inspired by the work of Mises, Hutt’s work is an invaluable defense of sound economics and a must have for any Austrian scholar.”

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