The Failure Of The New Economics

The Failure of the New Economics: An Analysis of the Keynesian Fallacies is a book written by Henry Hazlitt and published in 1959. The book is a critique of the Keynesian economic theory, which had gained popularity in the 1930s and 1940s. Hazlitt argues that the Keynesian theory is flawed and has failed to deliver on its promises of economic growth and stability.The book is divided into three parts. The first part provides an overview of the Keynesian theory and its main assumptions. Hazlitt critiques the theory's emphasis on government intervention in the economy and its belief that increased government spending can stimulate economic growth.The second part of the book examines the practical implications of the Keynesian theory. Hazlitt argues that the policies recommended by Keynesian economists, such as deficit spending and inflation, have led to economic instability and inflationary pressures.In the third and final part of the book, Hazlitt provides an alternative to the Keynesian theory. He argues that a free-market economy, with minimal government intervention, is the best way to achieve economic growth and stability.Overall, The Failure of the New Economics is a comprehensive critique of the Keynesian economic theory. Hazlitt's arguments are well-researched and presented in a clear and concise manner, making the book accessible to both economists and non-economists alike. The book remains relevant today, as debates over government intervention in the economy continue to shape economic policy.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.