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.” Here’s the contents of Chapter 18 and also the video: CHAPTER 18. KEYNESIANISM: A CRITIQUE 863 1. The Essential Claims of Keynesianism 864 Neo-Keynesianism 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 IS-LM Analysis 879 The Declining-Marginal-Efficiency-of-Capital Doctrine and the Fallacy of Context Dropping 879 The Marginal-Efficiency-of-Capital 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