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Thank for this new ebook! So far, I abstained from reading this book entirely because I found only a bad PDF of it... Nevertheless, I saw that the chapter about the history of anti-Keynes books was very interesting. The article by Herbener about the multiplier is also worth reading, if I remember correctly. I look forward to reading the whole book in
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[quote] When workers are paid less, the money doesn't vanish out of existence. Less for the employee means more for the employer.[/quote] Indeed, that seems to be a more direct refutation.
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See also this article by Murphy. Excerpt: But there are other problems with Keynes's analysis. Consider: What is the actual mechanism through which falling costs lead to falling retail prices? We start in an initial equilibrium, where workers earn (say) $10 per hour, and the retail good sells for $100. Firms are happy with the number of workers
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Ironically, it seems that Keynes assumed full employment. Indeed, if all people are employed, a decrease in wages results in a decrease in monetary aggregate demand (I assume here that AD is relevant). But, if some people are unemployed because the wage rates are too high, a decrease in theses wages can bring them back to work, increase their real wages
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[quote]Re Cardinal utility, how do you propose to measure it?[/quote] I would like to know, me too. I can admit that individual utility functions don't involve cardinal utility, but I can't see how it is possible to build collective utility functions with ordinal utility. This point is not merely academic. It has important consequences on policy
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So he was killed because of that. Thanks.
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[quote]James Buchanan[/quote] I'm not sure dead people might be appointed.
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I have been unable to log in here since January. Now, it works, at last!
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I'm not sure to be up-to-date, but I would say: 1° A theory centered around the loan market ; 2° A theory which identifies two "causes" in the formation of the rate of interest, i.e., from the lender's side, the time preference, and from the borrower's side, something like "the marginal efficiency of capital"
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Maybe the following excerpt (about advertising)? It's a bit related. There are many evils for which contemporary technology and therapeutics have no remedy. There are incurable diseases and there are irreparable personal defects. It is a sad fact that some people try to exploit their fellow men’s plight by offering them patent medicines. Such