The Failure of the New Economics
TABLE OF CONTENTS -- ACKNOWLEDGMENTS -- CHAPTER I-INTRODUCTION -- 1. Canonization -- 2. Uses of Refutation -- 3. A Path-Breaking Pioneer? -- 4. The "General" Theory -- CHAPTER II-POSTULATES OF KEYNESIAN ECONOMICS -- 1. What Is the Classical Theory of Employment? -- 2. Wage-Rates and Unemployment -- 3. No "General Level" of Wage-rates -- 4. "Non-Euclidean" Economics -- CHAPTER III-KEYNES VS. SAY'S LAW -- 1. Keynes's "Greatest Achievement" -- 2. Ricardo's Statement -- 3. The Answer of Haberler -- 4. To Save Is to Spend -- CHAPTER IV-OVERTURE -- 1. "Effective Demand" -- 2. The Propensity to Consume -- 3. Derision of Thrift -- CHAPTER V-"LABOR UNITS" AND "WAGE UNITS" -- CHAPTER VI-THE ROLE OF EXPECTATIONS -- CHAPTER VII-"STATICS" VS. "DYNAMICS" -- Appendix on "User Cost" -- CHAPTER VIII-INCOME, SAVING, AND INVESTMENT -- 1. Confusing Definitions -- 2. Why "Savings" Equals "Investment" -- 3. Saving as the Villain -- 4. Keynesian Paradoxes -- 5. Can Savings be Printed? -- CHAPTER IX-"THE PROPENSITY TO CONSUME": I -- 1. Digression on Mathematical Economics -- 2. The "Fundamental Psychological Law" -- 3. Ambiguity of the "Consumption Function" -- 4. The Meaning of "Saving" -- 5. The Sinking-Fund Bogey -- 6. In a Nutshell -- CHAPTER X-"THE PROPENSITY TO CONSUME": II -- 1. Reasons for Not Spending -- 2. The Fear of Thrift -- CHAPTER XI-"THE MULTIPLIER" -- 1. The Magic of It -- 2. Not Fixed or Predictable -- 3. "Saving" and "Investment" Again -- 4. "Investment" Means Government Spending -- 5. Paradox and Pyramids -- CHAPTER XII-"THE MARGINAL EFFICIENCY OF CAPITAL" -- 1. Slippery Terms -- 2. Interest Rates Embody Expectations -- 3. Effects of Expected Inflation -- 4. Does Lending Double the Risk? -- 5. Confusions About "Statics" and "Dynamics" -- CHAPTER XIII-EXPECTATION AND SPECULATION -- 1. The State of Confidence -- 2. Fictions About the Stock Market