Summa Against the Keynesians: A Treatise on Economics [Paperback]

Dmitry A Chernikov (Author)

Book Description

Publication Date: June 11, 2011

"Keynesism is Marxism lite..." Such is the inescapable conclusion of the 100 chapters in this Summa on numerous things Keynesian, Austrian, and economic.

Come partake of an exciting yet rigorous and eye-opening excursion into the intricacies of systematic economic theory and policy with Dmitry A. Chernikov who has been mastering economics and the Austrian school for over 12 years under the tutelage of Mises, Rothbard, Hayek, and other luminaries and is a graduate of Mises University. You are bound to enjoy this exquisite blend of economics and philosophy, zooming all the way out for a view of the biggest picture of it all and focusing on the tiniest of details. This book is an application of sound economic logic to Keynes and his school and a result of years of meditation on economic problems.

Book I begins with a thorough guide to Keynes' General Theory. Keynes' arguments are given the most charitable interpretations; at the same time his many errors are with no qualms pinpointed and exposed. This process is punctuated with several forays into philosophy and methodology in order to situate economics within the web of and in relation to other sciences. These prepare a ground for and enlighten the reader's encounter with a treatment in the Austrian tradition of labor and unemployment, the time factor of production and time preferences, uncertainty and risk preferences, interest rates, rates of confidence, profits and losses, entrepreneurship, consumption / investment / hoarding trade-offs, and the theory of business cycles.

Book II goes into detail on various mainstream and Post Keynesian doctrines and alternatives to the Austrian approach, especially regarding the business cycle and the monetary and fiscal policies.

Editorial Reviews

From the Author

Keynesians are magicians who try to create something from nothing. They think that the free market, when left alone, underperforms. Their first mistake is failure to notice the scarcity of capital goods. Not realizing that it takes time for new capital that increases the marginal productivity of labor to come into existence -- the price of which is temporary abstinence from immediate consumption, they recommend inflationary credit expansion, bypassing the market mechanism of creating novel capital by time-consuming saving.

This is highly interventionist, confusing the market signals to entrepreneurs.

Their second error is, having created the destructive boom and the inevitable bust because of the first error, they seek to cure the recession with government spending.

This is socialistic, destroying consumer sovereignty.

Anywhere you turn, the Keynesian tricks leave much to be desired.

Product Details

• Paperback: 604 pages
• Publisher: Fireside Books (June 11, 2011)
• Language: English
• ISBN-10: 0615413560
• ISBN-13: 978-0615413563
• Product Dimensions: 8.8 x 6 x 1.6 inches
• Shipping Weight: 2 pounds
• Amazon Best Sellers Rank: #6,205,979 in Books (See Top 100 in Books)

More About the Author

Dmitry A. Chernikov was born in Voronezh, Russia and moved to the United States in 1993 at the age of 16. He graduated from Kent State University in 1997 with a BS in computer science and worked in the financial industry in the New York City and elsewhere for a number of years as a software developer and consultant.

He exited the university with an inchoate but consuming desire to understand how the world worked. Computers seemed just a little too narrow a subject to make life's work from. Economics and philosophy found more favor in his eyes. "I was stunned to realize that American political life was far from ideal," he recalls. "For example, when I thought of taxation, I'd almost get feverish, because I could not accept that people would use each other in such a vile way without considering their victims' rights or welfare. Too timid and squeamish to attack the weaker folks directly, to assault them with bullets, they used the the machinery of state, i.e., 'ballots,' to plunder them. Apparently, government blessing can justify any sin."

He decided to return to school and again found himself in Kent pursuing a philosophy degree.

The Austrian school of economics struck him as particularly sensible and interesting, and long association with the Mises Institute helped him to hone his skills at economic reasoning. He confesses: "I remember in my early twenties how I picked up 'Human Action' three times, and twice put it back on the shelf, because I could not comprehend it. Only on the third attempt, separated from the second by a number of months, did I get an epiphany: I suddenly understood what Mises was talking about. This was the source of much joy and motivation."

Thusly armed and having contemplated the issues in his fields with some profit, he decided to take on Keynes and his disciples, whose rather shallow paradoxes and sophisms that have seeped into and dumbed down public affairs he found deplorable.

His first book, 'Summa Against the Keynesians' is now in 2nd edition and deals with every aspect of Keynes' and Keynesian thought. In a way, it brings back the neglected yang to the well-explored yin of neoclassical economics.