Today’s blog posting is adapted from the book, Economic Personalism, which you can get free from the CESJ website, or from Amazon or Barnes and Noble.
One of the first things a student must learn about Keynesian economics is there are certain questions one must not ask, such as, How could Keynes reject Say’s Law of Markets when he couldn’t even define it correctly? What did it mean when Keynes declared inflation — which means a rise in the price level — isn’t really inflation until after “full employment” is reached, and that a rise in the price level before reaching full employment is due to “other factors” and isn’t really inflation . . . meaning a rise in the price level isn’t really a rise in the price level until Keynes said it is a rise in the price level?