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Where Keynes Went Wrong: And Why World Governments Keep Creating Inflation, Bubbles, and Busts Paperback – September 16, 2011
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"Just what the world needs, and just in time. Keynes is demolished and his quack system refuted. But this wonderful book does more. It restores clear thinking and common sense to their rightful places in the economic policy debate. Three cheers for Hunter Lewis!" — James Grant (Editor of Grant's Interest Rate Observer)
“…[An] impassioned…and…much needed book.” —Gene Epstein (Barron's)
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Top Customer Reviews
I suppose the greatest compliment I can pay to this book is this: the title is very accurate. Hunter Lewis performs a great service for the general reader by explaining exactly why there are flaws in Keynes logic, where the flaws are specifically in his work and what the practical flaws are in Keynesian economics. In doing so, Lewis draws much support from preeminent economists Ludwig von Mises - Human Action: A Treatise on Economics and F. A. Hayek -...Read more ›
The second section, Why Keynes Was Wrong mirrors the structure of the first section. In the table of contents, the two sections are lined up in vertical columns. For example, a section in the first part called Spend More, Save Less, and Grow Wealthy is lined up against a section in the second part called Spend More, Save Less, and Grow Poorer.
There are several main themes in book. One is that most of Keynes key doctrines are paradoxical. The most well-known example is the paradox of thrift: saving is good for the individual but if everyone tries to save, then it drives the economy downwards into a bust. Another example is "unemployment equilibrium". In each case, Lewis provides simple, logical arguments against Keynes's paradoxes. The book could be characterized as a defense of common sense against obscurantism and muddle-headedness.
Keynes' reliance on paradox brings to mind what philosopher Michael Levin calls "the skim milk fallacy", which he describes as follows: "According to this paradigm, science always shows that things are the reverse of how they seem. Deep scrutiny of virtually any phenomenon will reveal that everyday convictions about it are wrong.Read more ›
Most works take up one side or the other on economic philosophy. There is more written about Keynes or interpretations of Keynes. There are fewer books about what alternatives may be available to these policies. This is one of the few books, if any, written that compares point by point the differences between what Keynes wrote and counterpoints to his thoughts. As with Marx, who left an explanation of how socialism would work to those who followed, Keynes left much of just how his theories would work to those who followed. Even Keynes himself wasn't a complete Keynesian (as we know it today)! With this in mind, those who interpreted Keynes acting under what they thought where his percepts may not have produced the results Keynes would have desired.
What we do need to understand are the points and counterpoints of the arguments, made by the press, media, and some government officials. This is a good book to read.Read more ›
Most Recent Customer Reviews
Great book for those who love economics. Bought for husband and he read it in one sitting and we passed it on to other family members who enjoy this type of book.Published 16 months ago by Lola
Lewis makes it very clear why our economy, nation and world are in a death spiral of inflation, debt and government spending. Read morePublished 23 months ago by gcavener
Very informative. For the novice or expert. Everyone, especially the people in our government, should read it. Easy to read and understand.Published on May 12, 2014 by Janice L. Swope
The author does an outstanding job of thoroughly discrediting John Maynard Keynes and uses the information presented to explain the current state of the economy and how Keynesian... Read morePublished on January 4, 2014 by Silverthumb
Economics doesn't have to be over your head and Mr. Lewis does a good job of explaining why. First off you read the policy by itself and can make you own judgements. Read morePublished on December 30, 2013 by justin smallwood
I needed a refresher course on Keynes. This one does the job. If you are fairly familiar with Keynes, start at chapter 10 where the author begins discussing Keynes key theories. Read morePublished on December 24, 2013 by James D. Sanders