What The Classical Economists Knew And The Moderns Have Forgotten – Part 5

Today, as the last article in this series, we present the words of Say himself, taken from his masterpiece A Treatise on Political Economy. Does the first paragraph not sadly resonate today? OF THE DEMAND OR MARKET FOR PRODUCTS It is common to hear adventurers in the different...

What The Classical Economists Knew And The Moderns Have Forgotten – Part 4

Hazlitt referred to the great economist Benjamin M. Anderson in the same breath as Mises when saying that both of them had already penned essays that had dealt with the so called “refutation” of Say’s Law by Keynes. We part republish his “Digression on Keynes,” which appeared as...

What The Classical Economists Knew And The Moderns Have Forgotten – Part 3

Today we reproduce a wonderful essay written by Ludwig von Mises for the Oct 30th 1950 edition of The Freeman, and subsequently published in his book Planning for Freedom (1952). Like Hazlitt in my previous post, Mises draws to our attention to the fact that Adam Smith and J B...

What The Classical Economists Knew And The Moderns Have Forgotten – Part 2

On Wednesday, I talked about the forgotten wisdom embodied in Say’s Law. Today, we reprint the chapter called “Keynes vs. Say’s Law” from Henry Hazlitt’s The Failure of the “New Economics” which is a quick read and sheds more light on what the classical economists did and did not...