I emailed Gerry Jackson’s article The Real Classical Theory of the Trade Cycle to the Executive Director of the Institute of Public Affairs John Roskam, IPA Review editor Chris Berg, Quadrant editor Keith Windshuttle and On Line Opinion editor Graham Young — and, of course, Steve Kates. For those of you have not read Gerry Jackson’s article it is a complete refutation of Steve Kates presentation of his so-called classical theory of the trade cycle. Continue reading The Institute of Public Affairs Negative Response to the Real Classical Theory of the Trade Cycle→
Gerry Jackson kindly allowed me to write this introduction. At first, I thought I would just write a basic outline. It was then that I realised the full import of what Gerry had written. For years Australia’s establishment right has promoted Steve Kates’ argument that the classical economists believed that booms and busts were an unavoidable and natural product of capitalism and that we must learn to live with them. This is totally at variance with the historical facts. Continue reading The Real Classical School Theory of the Trade Cycle→