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 a thorough understanding of the operation of an economy within a classical framework, providing a new perspective for viewing modern economic theory from the outside. This provocative book not only explains the meaning of Says Law in an accessible way, but also the origins of the Keynesian revolution and Keyness pathway in writing The General Theory. It provides a new look at the classical theory of value at its height that was not based, as so many now wrongly believe, on the labour theory of value.
A crucial read for economic policy makers seeking to understand the operation of a market economy, this book should also be of keen interest to economists generally as well as scholars in the history of economic thought.
Introduction 1. The Purpose of this Book and Why Only I could Write It 2. The Background 3. The Keynesian Revolution and Classical Theory 4. Understanding Classical Presuppositions, Terminology and Concepts 5. The Classical Theory of Value and the Marginal Revolution 6. Keynesian Theory Overruns the Classics 7. The Basis for Keyness Success: Why Keynes was Able to Succeed 8. Classical Theory and the Role of Government 9. Austrian Economics and Classical 10. An Overview of Classical Economic Theory Afterword Bibliography Index
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