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Quotation of the Day…

Posted By Don Boudreaux On February 28, 2012 @ 9:22 am In Economics,Myths and Fallacies,State of Macro | Comments Disabled

… is from 5 of Thomas Sowell’s wonderful 1974 book, Classical Economics Reconsidered [1] (original emphasis):

The Keynesian definition of classical economics was no less tendentious and egocentric [than was the definition of classical economics offered by Karl Marx].  It included all of the post-Ricardian economists who had not repudiated Say’s Law….  Moreover, there were serious questions raised from the outset as to whether any identifiable set of economists had ever believed the things attributed by Keynes to the “classical economists” as he defined them.

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[1] Classical Economics Reconsidered: http://www.amazon.com/Classical-Economics-Reconsidered-Thomas-Sowell/dp/0691003580/ref=sr_1_1?s=books&ie=UTF8&qid=1330438919&sr=1-1

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