Part of a note I wrote to a friend about the completion of my manuscript on classical economic theory.
I will also just mention that I have finally, only yesterday, finished my manuscript on classical theory. I will send it off to the publisher on Monday. For your interest, this is the Table of Contents.
Chapter 1: The Purpose of this Book and Why Only I could Write It
Appendix 1: John Stuart Mill. “Of the Influence of Production on Consumption”
Appendix 2: The Dangerous Persistence of Keynesian Economics
Chapter 2: The Background
Chapter 3: The Keynesian Revolution and Classical Theory
Chapter 4: Understanding Classical Presuppositions, Terminology and Concepts
Chapter 5: The Classical Theory of Value and the Marginal Revolution
Chapter 6: Keynesian Theory Overruns the Classics
Chapter 7: The Basis for Keynes’s Success: Why Keynes was Able to Succeed
Chapter 8: Classical Theory and the Role of Government
Chapter 9: Austrian Economics and Classical
Chapter 10: An Overview of Classical Economic Theory
An accurate title still eludes me. It needs to say in concise form something like: “Economic Theory Reached its Peak with the Economics of John Stuart Mill and has since been Subverted Firstly by the Marginal Revolution and then by the Keynesian Revolution Leaving Behind a Useless Husk of Empty Nonsensical Theory that Provide Virtually Nothing of Value in Framing Policy”. If you know what I mean. It also strikes me, now that I have looked over at the Table of Contents, that I don’t there mention Say’s Law, but you need have no fear that the book leaves it out.
And this is a note to another friend telling him the same news.
I have finished off my manuscript on Classical Economics for Idiots which cannot be the final title, unfortunately. It is far and away the best thing I have written as I judge things. It will also be the last thing I ever write that will be as polished as this one is, since I found this such a grinding process. Here, at least every time I thought of some addition that needed to go into it, I still had the will and strength to do the work. On the printed out draft I handwrote the following which I think is true:
“There is no doubt that if you read the book you will be convinced there is something to what is said. The challenge for me is to get you to read the book.”
What gives the book its value is that I have classical economic theory as the frame against which modern theory can be judged. Other than Austrian or Marxist theory, there is no other frame of reference available. I have now thus added a third frame of reference into the mix and in my view, the most accurate frame of reference from which to see what’s wrong with modern theory since classical theory was the theory that existed when capitalism was new and fresh and where an understanding of how a market economy operates reached its peak. I can only say how happy I am to have finally finished the manuscript. Now I have to work out, as I wrote above, a way to get others to read it. Getting them to believe it will be a bridge or two too far.