"Keynes did not teach us how to perform the "miracle ... of turning a stone into bread," but the not at all miraculous procedure of eating the seed corn."
This is a great short article from Mises on Keynes and Say. Keynes claimed to have refuted Say. But he only knocked down a strawman, and he didn't even do that very well. Keynes was simply an inflationist saying what governments wanted to hear, not an economist. Say, on the other hand, demonstrated that production of somet…
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Lord Keynes and Say's Law |
Lord Keynes's main contribution did not lie in the development of new ideas but "in escaping from the old ones," as he himself declared at the end of the Preface to his "General Theory." The Keynesians tell us that his immortal achievement consists in the entire refutation of what has come to be kno
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