 The purpose of this book and why only I could write it. Chapter 2 in Classical Economic Theory and the Modern Economy, 2020, pp 17-44 from Edward Elgar Publishing Abstract: The chapter deals with why only I could have written this book but also why I was able to. I was able to write the book because, while writing a submission on wages growth, I had independently discovered on my own the actual meaning of Say’s Law – that demand deficiency never causes recessions and that public spending will never raise employment in total – not knowing that it was the actual classical meaning of Say’s Law. I then found the identical argument I had formulated in Mill’s Principles and only then realized not only how central Say’s Law was to classical economic theory but also how sound and sensible this principle is. Beyond that, having worked in a political environment as the Chief Economist of Australia’s national employers’ association for 24 years, I had endless opportunities, both nationally and internationally, to put classical economic theory to a real-world test. In my work, I found applying classical theory to modern economic circumstances not only never failed on any occasion to make sense of economic events, but also allowed me to forecast accurately the negative consequences that would follow the applications of mainstream economic policies on every major test provided by real-world circumstances. Keywords: Economics and Finance (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:17468_2 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Chapters from Edward Elgar Publishing |
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