My column on Jean-Baptiste Say's "Law of Markets," which dates back to the early 19th century, and which was a pillar of classical liberalism, has appeared in Mint today.
I have explained the law in full and also applied it, both to the Indian economy and also to the current crisis in the USA.
All students of Economics will benefit from a reading of this column.
Lay persons will benefit too, for truth is always simple, and Keynesianism, like Marxism, is garbled nonsense, impossible to fathom.
The column lays bare the deep errors of Keynesian thinking.
To read the column, click here.
As it looks improbable that the world return to the system of gold-money, would the author please comment on the practice of no-money in Auroville? http://marketime.blogspot.com/
ReplyDeleteA very interesting treatise on Say's law...
ReplyDeleteSay's exposition in books is often met with disapproving voices followed by a Keynesian solution. They never coerce the reader to inquire further.
Being a casual reader, I'm influenced by the Keynesian school because of it's prevalence and not always its quality. The mint article has opened my eyes to a clearer understanding. One particular emphatic thought that will remain with me is - Markets Always Clear.
Looking forward to read more...