From the 30 year General Glut debate at the start of the 19th century which focused solely on its truth, to the Keynesian revolution and Keynes's successful attempt to convince his fellow economists that Say's Law was wrong, it remains the most controversial principle in the history of economic theory. The central question - not resolved to this day - is this: can demand deficiency ever be the cause of recession and, if so, are greater levels of unproductive spending an appropriate response? The thrust of the argument is that if Say's Law is valid, much of modern macroeconomic theory is...

Economic theory reached its highest level of analytical power and depth in the middle of the nineteenth century among John Stuart Mill and his contemporaries. This book explains classical economics when it was at its height, followed by an analysis of what took place as a result of the ensuing Marginal and Keynesian Revolutions that have left economists less able to understand how economies operate. The chapters explore the false mythology that has obscured the arguments of classical economists, clouding to the point of near invisibility the theories they had developed. Steven Kates offers...

Economic theory reached its highest level of analytical power and depth in the middle of the nineteenth century among John Stuart Mill and his contemporaries. This book explains classical economics when it was at its height, followed by an analysis of what took place as a result of the ensuing Marginal and Keynesian Revolutions that have left economists less able to understand how economies operate. Chapters explore the false mythology that has obscured the arguments of classical economists, clouding to the point of near invisibility the theories they had developed. Steven Kates offers a...