A note from a careful observer of US financial conditions
569: “I fancy that the great New York (banking) institutions have more skeletons in their cupboards than anyone yet knows about for certain, and that their concealed anxieties cramp their action more than is admitted.”
Keynes. 1930. “A Note on Economic Conditions in the United States: A Memorandum for the Economic Advisory Council.” CW 20, pp. 561-94.
3 comments so far
Leave a reply
Dr. Perelman,
Curiously- have you read a book that has come out in recent years called “Say’s Law and the Keynesian Revolution”? If so, what is your opinion on the book? Do you know of any good reviews of it or of any critiques?
Matthew
I am sorry, but I have not read it. I am familiar with the author, who is an intelligent advocate of Say. I don’t agree with him, but he does a good job of what he tries to do.
Needless to say, he would not agree with me.
I too have not read “Say’s Law and the Keynesian Revolution”? but Say’s Law is the principle that supply constitutes demand. Or, in the words of economist Jean Baptiste Say, “…a product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value.” (A TREATISE ON POLITICAL ECONOMY, Chapter 15). Or, “you must sell before you are able to buy”.
for a review of the book see
http://www.fff.org/freedom/0299f.asp
-prof. Sacco
george mason university
USA, Virginia