George Reisman Pepperdine Lectures: Macro: Lecture 13: Keynesianism: A Critique

This lecture runs almost three hours and pretty much follows the organization of Chapter 18 of my book Capitalism: A Treatise on Economics, which chapter is also titled Keynesianism: A Critique. Heres the contents of Chapter 18 and also the video: CHAPTER 18. KEYNESIANISM: A CRITIQUE 863 1. The Essential Claims of Keynesianism 864 NeoKeynesianism 865 2. The Unemployment Equilibrium Doctrine and Its Basis: The IS Curve and Its Elements 867 The Grounds for the MEC Doctrine 875 The Keynesian Solution: Fiscal Policy 876 3. Critique of the ISLM Analysis 879 The DecliningMarginalEfficiencyofCapital Doctrine and the Fallacy of Context Dropping 879 The MarginalEfficiencyofCapital Doctrine and the Claim That the Rate of Profit Is Lower in the Recovery from a Depression Than in the Depression 881 The Unemployment Equilibrium Doctrine and the Claim That Saving and Net Investment Are at Their Maximum Possible Limits at the Very