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Ever wondered what supply-side economics is?

August 19, 2016

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 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

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