Keynesianism supports make-work schemes without regard for consumers' preferences. The impact of fiscal and monetary policy in corrupting the flow of inter-temporal production is entirely discounted. Where Keynes argued that long-term considerations should not obstruct the implementation of...

"The quantity theory of money is an enduring idea, which shows in many guises. At its heart is a truth. Government borrowing is the root of inflation and a source of market distortions. Although two centuries have passed since David Ricardo explained how state debt leads inevitably either to...

"By the width of his perspective, Hayek presents a challenge. Those who face up to that challenge are changed by the experience. The inevitable conclusion is that mainstream economics is defective by both its self-indulgent over-quantification and its persistence in presuming to formulate...

Even though Keynesian policy has shown itself ineffective in sustaining full employment without inflation, bogus panaceas have again been rolled out, by politicians and economists seeking to ameliorate the aftermath of excessive credit. Keynesian interventions can only impair readjustments and...

"The 1967 sterling devaluation opened the final act of the Keynesian epoch. The assurance 'that the pound here in Britain, in your pocket or purse or in your bank' had not been devalued, rests upon a 'fixed price' assumption invoked by John Maynard Keynes for the 1930s. It carried the...

Postcode lotteries are meat and drink to journalists. Examples appear limitless and predominantly within state sectors, where they are symptomatic of the ineffectiveness of non-market allocations. With free-market trading, the tendency is for competition to eliminate differences; but that...

The UK macroeconomic boom of the early 1970s is an experiment that refutes the notion of cost-push inflation. However, such nonsense endures as the consequence of two factors. The first is the convenient ruse by which the state ducks its responsibility for monetary inflation and points the...