Keynesianism continues to lose its dominance in macroeconomics. New Keynesians attempt to rescue it from irrelevance with models recognizing (1) the noninstantaneous adjustment of product prices, (2) imperfect knowledge, and (3) nonclearing labor markets. But these are conditions recognized in...

Keynes's multiplier story invites acceptance by building on the fact that people typically consume only a fraction of their income and that such purchases are incomes for sellers. By misrepresenting the classical definition of saving and the meaning of Say's Law, Keynes laid the grounds for...

Larry Moss lived a busy life as an academic, a professor, an attorney, a journal editor, and a skilled magician. He was a prolific publisher of scholarly articles and books, and an editor of scholarly volumes. With friendly charm and humor, he sought to encourage others in their scholarly...