Yes, it's a John Maynard Keynes economical treatise / theory that is outdated
and frankly kind of quaint.. you are obviously a student newly exposed to this.
BACK in 1959 there came into print a book which might have changed our world, In painstaking detail, it refuted all the premises of the most influential book on economics since Marx, John Maynard Keynes' General Theory of Employment, Interest and Money, first published in 1936. Other well-known free market economists had attacked Keynes, but this was the first full length analysis, almost sentence by sentence, of Keynes' chief work.
Yet Van Nostrand's original edition of Henry Hazlitt's The Failure of the "New Economics" sold no more than 5,000 copies and a 1973 edition by Arlington has added only 7,000 more. In a world largely controlled by words, why has an apparently monumental work been so completely ignored?
To answer this question we must first look at what Keynesian economics is all about.
Although the writing of Keynes (pronounced "Kanes") is complicated and contradictory, Hazlitt has reduced it to something quite simple. He finds it largely a rehash of mercantilism, a centuries old theory that when business is bad it is due to (1) a scarcity of money, and (2) general overproduction. The first of these is one of the old, populist easy-money theories which still persists to some extent in Congress 200 years after it was first destroyed by Adam Smith. If it were valid, the underdeveloped nations would only need to print large quantities of paper money in order to have instant prosperity.
Obviously to you, Keynesianism means worshipping Limbaugh and using his opinions when
you are unable to formulate your own.. perhaps due to lack of intellect or possibly
because of outright ignorance.. I can't say which.
Also, newbie, you ought to learn how to conduct yourself around here.
I knew it. You a freakin' "open-minded"(stupid and wrong) retard.
Yes, I a freakin' retard. Go axe your friends, they be say "true dat."