The Failure of the "New Economics": An Analysis of the Keynesian Fallacies

New Rochelle, New York: Arlington House, 1973. Stated at copyright page: "Copyright 1959 by D. Van Nostrand.., transferred 1973 to Henry Hazlitt. Printed in the United States of America. Essentially, a reprint under Hazlitt's ownership from Arlington House with new wrapper design and summary and redesign of volume. A heavy volume of substance. Black coated full cloth boards (buckram), blind-stamped publisher's emblem at cover, bronze metaillic spine titles, light shelf wear. Pages fine; no writing. Bind fine, square; hinges intact. Pictorial wrapper, light edge wear, rub, discoloration; unclipped 11.95, protected in new clear sleeve. Jacket design by Marge Terracciano. Back panel with "Raves for Henry Hazlitt's 'Great Book'. Near fine first Arlington issue in near very good wrapper. A lively, penetrating criticim of Lord Keyne's celebrated work "The General Theory of Employment, Interest, and Money." In this book, Hazlitt writes a critical chapter-by-chapter and theorem-by-theorem analysis of Keyne's 'New Economics' first posited in 1936. Hazlitt contends that these economic theories fail as a tool of analysis and as a basis for forecasting or as public policy. Insightful, digestible, yet comprehensive material. "Hazlitt, with cold logic and economic skill, destroys the whole Keynesian theory." - Raymond Moley. "He has entirely demolished the Keynesian misconceptions." - Ludwig Von Mises. Henry Hazlitt did the seemingly impossible, something that was and is a magnificent service to all people everywhere. He wrote a line-by-line commentary and refutation of one of the most destructive, fallacious, and convoluted books of the century. The target is John Maynard Keynes's General Theory, the book that appeared in 1936 and swept all before it. In economic science, Keynes changed everything. He supposedly demonstrated that prices don't work, that private investment is unstable, that sound money is intolerable, and that government was needed to shore up the system and save it. It was simply astonishing how economists the world over put up with this, but it happened. He was used to convert a whole generation in the late period of the Great Depression. By the 1950s, almost everyone was Keynesian. But Hazlitt, the nation's economics teacher, would have none of it. And he did the hard work of actually going through the book to evaluate its logic according to Austrian-style logical reasoning. The result: this five hundred-page masterpiece of exposition on modern monetary theory. Murray Rothbard was blown away. Hazlitt was a libertarian philosopher, economist, and journalist for various publications including the Wall Street Journal and The New York Times, and Newsweek. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman, an important libertarian magazine. In 1946 Hazlitt wrote "Economics in One Lesson," his seminal text on free market economics, which Ayn Rand called a "magnificent job of theoretical exposition." Hazlitt is credited with bringing his ideas and those of the so-called Austrian School to American economics; his work has influenced, among many, three-time presidential candidate Ron Paul. Includes eight-page detailed index. Printed in the United States of America. 458 pages. Insured post. . First Edition Thus. Hard Cover. Fine/Very Good. Illus. by Terracciano, Marge (Wrapper Design). 8vo - over 7¾ - 9¾" Tall.