In a sense you could say I have spent thirty years writing this paper which will be given twice in Shanghai the following week. The proper understanding of supply-side economics is found in late classical economic theory which I date from 1848-1936, that is, from the publication of Mill’s Principles until the publication of Keynes’s General Theory. If you would like to come, please email Dr Sveta Angelopoulos on email@example.com to let her know. These are the details:
You are warmly invited to attend the School of EFM Brown Bag Seminar Series presentation by Associate Professor Steven Kates: Classical Economics Explained: Understanding Economic Theory Before Keynes.
Abstract: Since the publication of The General Theory, pre-Keynesian economics has been labelled “classical,” but what that classical economics actually consisted of is now virtually an unknown. There is, instead, a straw-man caricature most economists absorb through a form of academic osmosis but which is never specifically taught, not even as part of a course in the history of economics. The paper outlines the crucial features that differentiate classical theory from modern macroeconomics. Based on the differences outlined, a model of classical economic theory is presented which explains how pre-Keynesian economists understood the operation of the economy, the causes of recession and why a public-spending stimulus was universally rejected by mainstream economists before 1936. The classical model presented is an amalgam of John Stuart Mill’s 1848 Principles and Henry Clay’s 1916 first edition Economics: an Introduction for the General Reader, a text which was itself built from the economics of Mill.
RMIT Building 80
Level 10 Room 44 & 45
445 Swanston Street
Date: Tuesday 23rd August
Time: 1.00 – 2.00pm