March 2009 - Posts

An Example of the State of Higher Eduction
Published Wed, Mar 25 2009 10:54 PM | laminustacitus
Among the classes that I am taking at the University of Massachusetts Amherst includes an introduction to political economy, and, ever since the first day of class, it has been not only disappointing, but consisting only in fallacies. Nevertheless, everything...
Prices and Production: Lecture I, Part III
Published Sun, Mar 8 2009 4:27 AM | laminustacitus
Once the historical timeline arrives at Knut Wicksell, it no longer becomes productive chronologically, following the ways by which his theories were transformed. Instead, it is best to assess the errors of the Wicksellian theory, and to follow the necessary...
Towards a Greater Understanding of Say’s Law
Published Wed, Mar 4 2009 5:36 AM | laminustacitus
The most renown theory of the French economist, Jean Baptiste Say (1767-1832), the eponymous Say’s Law has been one of the most important contributions of Classical economics even though it was but a minor facet of Say’s own economics. He...
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Prices and Production, Lecture I: Part II
Published Sun, Mar 1 2009 7:54 PM | laminustacitus
In the first lecture of Prices and Production , Hayek goes on to describing a short history of monetary theory hitherto (bear in mind that the lectures the book was written from were given in 1931). He divided the history into four parts: 1. the history...