Synopsis "The Critics of Keynesian Economics"
The Critics of Keynesian Economics by Henry Hazlitt is a comprehensive analysis of the criticisms leveled against the Keynesian economic theory, which dominated economic thinking in the mid-twentieth century. Hazlitt, a renowned economist and journalist, systematically examines the major criticisms of Keynesian economics, including its reliance on government intervention, its failure to account for the role of markets in allocating resources, and its inability to address the problem of inflation. The book is divided into two parts. The first part provides an overview of the Keynesian theory, its main tenets, and its historical context. Hazlitt explains the Keynesian view of the economy as a system that requires constant government intervention to maintain full employment and economic stability. He then proceeds to identify the main criticisms of this theory, which include its disregard for market forces, its focus on short-term solutions, and its tendency to create inflationary pressures.The second part of the book examines the specific criticisms of Keynesian economics, including the Austrian critique, the monetarist critique, and the supply-side critique. Hazlitt provides a detailed analysis of each of these critiques, highlighting their strengths and weaknesses and showing how they challenge the fundamental assumptions of Keynesian economics.Overall, The Critics of Keynesian Economics is a valuable resource for anyone interested in understanding the limitations of the Keynesian economic theory and the alternative approaches that have emerged in response to it. Hazlitt's lucid and accessible style makes this book an excellent introduction to the complex world of economic theory and policy.This is a new release of the original 1960 edition.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.
