click on thumbnail to zoom

Away From Freedom

Average Rating:
Watts demolishes Keynesianism. Introduction by Murray Rothbard.
List Price: $12.00
Price: $7.95


Murray Rothbard writes the introduction to the reprint of this 1952 gem. It is by V. Orval Watts, one of the leading anti-Keynesians of his time. He is writing during the great entrenchment of the Keynesian perspective within the economics profession, and he demonstrates the dangers and unworkability of the Keynesian point of view. What Watts offers here is a freshness that comes with seeing all his colleagues abandon the old liberal creedthe very mark of the old economics professionin favor of a new planning mindset that followed the New Deal and World War II.

What's more, he shows that Keynesianism isn't really new but is merely a restatement of old fallacies that were long ago refuted. "Keynes did little if anything more than use new terms for old ideas," he writes.

Watts zeroes in on core errors: "The Keynesian economist treats of goods and credit as though they were two quite separate things. He teaches that the output of goods creates a need for credit and currency.... The classical view, on the other hand, is that goods themselves are the source of all sound credit and sound currency." He foresees national disaster from the intellectual trends, predicting widening business cycles, lower output, and inflation as far as the eye can see. He further defends sound money and free markets.

This book had a powerful impact on a generationa kind of primer on Keynesian fallacies that still pervade the profession if not by that name.


Average Rating:
(based on 1 review)

Showing 1 Review:

by Matt R.
on 2/10/2010
from Virginia
Still Relevant
Watts does an excellent job demolishing Keynesianism in this highly readable and enjoyable book, which is just as current today as when it was first written in 1952.  
Review and Rate this Item

ISBN 9781610161107
Publisher Ludwig von Mises Institute
Publication Date 8/1/2008
Binding PB
Page Length 120

Away From Freedom - Digital Book
He is writing during the great entrenchment of the Keynesian perspective within the economics profession.
Price: $3.75