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Alasdair Macleod: Updating Say's Law for modern times
By Alasdair Macleod
Thursday, June 22, 2023
It was John Maynard Keynes’ offhand dismissal of Say’s Law, or the Law of the Markets, in 1936 that is leading us into an economic and monetary crisis.
Keynes dismissed the law to invent a role for the state.
That is why Keynes is so popular in the mainstream establishment. By dismissing market reality, he invented a new branch of economics. Macroeconomics exchanged statistics and mathematics for human action, and the prospect of centralised management substituted for ambiguity.
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In this article I look at the flaws in macroeconomics, the state theory of money (an old recurring theme from John Law onwards), misleading statistics measured in unhinged fiat currencies, and why Keynesian fears of a general glut are misplaced -- all of which stem from the error of dismissing Say’s Law.
Importantly, Say’s Law ties the volume of production to demand, so policymakers who believe a recession will kill price inflation, and therefore allow central banks to reduce interest rates, are simply wrong.
The state-educated mainstream is so sold on macroeconomic theories and the state management of economic outcomes that reasoned debate gets no traction. The only solution is for a final economic and monetary crisis to bring an end to all macroeconomic dogmas. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/updating-say-s-law-for-modern-times?gmrefcode=gata
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