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  • Author: Richard M. Salsman
  • Publication Date: 04-2014
  • Content Type: Journal Article
  • Journal: The Objective Standard
  • Institution: The Objective Standard
  • Abstract: Free Market Economics: An Introduction for the General Reader, by Steven Kates. Northampton, MA: Edward Elgar Publishing, 2011. 352 pp. $50 (paperback). Not since 1924 has there been a comprehensive yet readable book on economics aimed at the ordinary but intelligent citizen that defends and incorporates the field's foundational principle, Say's Law (named after Jean-Baptiste Say, 1767–1832) and its main corollaries: the primacy of production, the entrepreneur as prime mover, and prices as the commercial language that coordinates economies and their subsectors. Now we have such a book: Free Market Economics: An Introduction for the General Reader by Australian business economist Steven Kates. His prior books examined the prevalence of Say's Law among top economists during the pro-capitalist 19th century and its abandonment by most economists in the anti-capitalist 20th century. The handful of texts on economic principles since the 1920s that recognize the superiority of a free economy have been too technical, narrowly devoted to refuting economic fallacies, or tainted by dubious philosophy. This book avoids such flaws. Kates accomplishes what was last achieved by Oxford professor Henry Clay (1883–1945) in Economics: An Introduction for the General Reader (1924). Better still, Kates's book offers a modern, more sophisticated, more pro-capitalist treatment than did Clay's book, and it provides the ideas people need to grasp and refute the disastrous dogmas and policies of Keynesianism. At the core of this book is Say's Law, the principle that supply constitutes demand, that one cannot demand (or purchase) anything in any market without first producing an economic value for offer (or, in a monetary economy, without first earning spendable income by producing value). This principle recognizes that markets are made by the producers and that the most economically important producer of all is the entrepreneur, who specializes in soliciting and coordinating the other main factors of production: land (including raw materials), labor, capital, and financing. Say's Law condenses the truth that material prosperity is attained not by consuming (using up) wealth, but by saving, investing, and producing wealth. Unlike most textbooks today, Kates's says economics should explain wealth creation, or “net added value,” not how we ration “scarce resources.” Keynesianism, Kates explains, explicitly rejects Say's Law and asserts that a free market is prone to “failures” and crises, to excessive production, deficient consumption, and depressions; it further insists that government deficit spending, money printing, and near-zero interest rates can fix said market failures. Keynesian policies assume, contra Say's Law, that there can be an aggregate, economy-wide excess of abundance, or deficiency of aggregate demand. Say's Law holds that aggregate supply and aggregate demand are the same thing viewed from different perspectives and thus cannot be unequal; recessions entail reduced production and typically (but not always) are caused by government policies that are antithetical to production and profits. In contrast to Keynesianism, Say's Law, properly understood, tells economists (and citizens) to reject the contradictory claim that a contracting economy reflects an overexpanding economy, that somehow poverty is caused by prosperity, and it recommends the rejection or removal of any policies that impede or depress the incentive or capacity of entrepreneurs to create wealth or employ other factors of production. According to Kates, Say's Law “is the essence of market-based economics”; and “without the clarity that [it] brings, economic theory has lost its moorings and the irreplaceable value of leaving things to the market in directing economic activity cannot be understood” (p. 6). Yet, the classical, Say-based theory of the business cycle and public policy “has the ability to penetrate the darkness left by Keynesian theory in understanding the causes of recessions and the steps that are needed to bring recovery about” (p. 7). . . .
  • Topic: Economics, Government, Law
  • Political Geography: Australia
  • Author: C.A. Wolski
  • Publication Date: 03-2011
  • Content Type: Journal Article
  • Journal: The Objective Standard
  • Institution: The Objective Standard
  • Abstract: It is 1939 and England is in crisis—war looms, the government is in chaos, the people are in despair. All eyes turn to the country's reluctant, recently crowned monarch, George VI, to offer stirring words that will brace them for the coming storm. But there's the rub. The king suffers from a paralyzing stammer, and there are grave doubts that he will be able to deliver the speech that will unite his nation. Tom Hooper's Academy-Award winning The King's Speech is much more than a simple, inspiring wartime tale of a historical figure overcoming a physical and psychological ailment. The story of how Albert, Duke of York, later King George VI, overcame his stammer to give a series of rousing wartime speeches that united and inspired his nation is indeed the framework of the film. But at its heart, the film is the story of the power of the human mind and how hard work and perseverance—not miracles and wishes—are the bulwarks of the human spirit. The film opens in 1925. Albert (played by Colin Firth) must deliver the closing speech of the Empire Exhibition. The king's second son is terrified. He is led to the podium where his speech will not only be heard by the assembled crowd but is being simultaneously broadcast across the Empire. The time comes, and in what can only be described as sheer agony, Albert chokes out the first few words. He is next seen several months later at a session with a so-called “speech therapist” who insists that smoking will “relax the throat” and that stuffing one's mouth full of marbles is the “classic” cure for stuttering. Both remedies, unsurprisingly, fail. Albert, with the help of his wife, Elizabeth (played by Helena Bonham Carter), eventually lands himself in the offices of Lionel Logue (Geoffrey Rush), an Australian speech therapist, who promises that he can help Albert (whom he insists on calling “Bertie” to the prince's continuing disdain) overcome his stammer and speak clearly. The eccentric speech therapist delivers. Through hard work, setbacks, and triumphs, Logue, with sometimes unusual therapeutic techniques and a wry bit of psychoanalysis, treats the prince and helps him rediscover the confidence and self-esteem that had been robbed from him during his bleak childhood. The efforts culminate in the pivotal speech that Albert, as king, must give. Success is the only option—and the psychological tightrope the king must cross during this moment is more compelling than any explosive action sequence one might imagine. . . .
  • Topic: Government
  • Political Geography: Australia, England