December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
The macroeconomy
KEY THINKER
Jean-Baptiste Say (1767–1832)
BEFORE
1820 British economist Thomas Malthus argues that underemployment and overproduction can occur.
AFTER
1936 John Maynard Keynes states that supply does not create its own demand—it is possible for a lack of demand to cause production to slow, creating unemployment.
1950 Austrian economist Ludwig von Mises argues that Keynes’ denial is at the basis of Keynesian fallacies about economics.
2010 Australian economist Steven Kates defends Say’s law and calls Keynesian economics a “conceptual disease.”
In 1776, when Adam Smith wrote The Wealth of Nations, he noted that merchants around ...
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