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He doesn’t know it but he’s discussing Say’s Law

January 13, 2017

This is Captain Capitalism we are talking about, in a quite nice post on Debunking the Multiplier Effect. To me it is essential to take his criticism of Keynesian theory back to Say’s Law since otherwise there is no reference point to hold onto when trying to explain what’s wrong with modern macro. This is his final para:

The truth is economic growth is caused by hard work, innovation, creativity, self-supportation, and increased efficiency. It’s nothing new or mysterious as human kind has, through trial and error (and not faux “studies” done by idiots in the economic departments of academia or Washington) figured this out over the millennia. And the fact something as stupid as “the multiplier” effect can not only be swallowed, but be so prominent among economist and professional circles, is more a testament to the human mind’s amazing ability to lie to itself than any kind of epiphany or “discovery” by the “profession” of economics. It is here I simply ask Americans and westerners to do something they pride themselves off of. Be TRULY independent minded people with genuine critical thinking skills. Wake the F up, use your brain, think things through and realize just what a bunch of frauds, posers, and charlatans most economists and politicians are.

Economists can’t do macro any more because they can’t do micro, but that’s another story. Only an increase in the supply of products whose production costs are covered by their sales revenue will push an economy along. That is not 100% right, but it is close enough so as not to matter if you want to see what governments are doing wrong.

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