By Henry Hazlitt
Henry Hazlitt faced the increase of Keynesianism in his day and prepare an highbrow arsenal: the main impressive economists of the time exhibiting what's wrong with the method, in nice aspect with nice rigor. With excerpts from books and articles released among the 30s and 50s, it continues to be the main robust anti-Keynesian assortment ever assembled
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Extra info for Critics of Keynesian Economics
To produce and retail the commodities which are consumed by the inhabitants of the town, and the place of whose production is in other respects a matter of indifference. To the inhabitants of the town must be added such dwellers in the adjoining country, as are nearer to that place than to any other equally well furnished market. Now, if new unproductive consumers resort to the place, it is clear that for the latter of these two purposes, more capital will be required than before. Consequently, if less is not required for the former purpose, more capital will establish itself at the place.
It is obvious to all who reflect (and was shown in the paper which precedes this) that the remittances to persons who expend their incomes in foreign countries are, after a slight passage of the precious metals, defrayed in commodities: and that the result commonly is, an increase of exports and a diminution of imports, until the latter fall short of the former by the amount of the remittances. The arrival, therefore, of the strangers (say from England), 36 THE CRITICS OF KEYNESIAN ECONOMICS while it creates at Paris a market for commodities equivalent in value to their funds, displaces in the market other commodities to an equal value.
It is true that the labourers thus employed by sojourners are probably, in part or altogether, withdrawn from productive employ- JOHN STUART MILL 35 ment. But this is far from being an evil; for either the situation of the labouring classes is improved, which is far more than an equivalent for a diminution in mere production, or the rise of wages acts as a stimulus to population, and then the number of productive labourers becomes as great as before. T o this we may add, that what the sojourners pay as wages of labour or service (whether constant or casual), though expended unproductively by the first possessor, may, when it passes into the hands of the receivers, be by them saved, and invested in a productive employment.
Critics of Keynesian Economics by Henry Hazlitt