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Asset Conservation

In: Why Reaganomics and Keynesian Economics Failed

Author

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  • James E. Sawyer

    (Seattle University)

Abstract

Our quest in Part IV is to consider a second glitch in doctrinaire laissez-faire capitalism. Since a glitch is a malfunction, our concern is to observe aspects of the conventional economic theory that may explain economic dysfunction, and to set forth a corrective programme to restore traditional capitalist economies to health. Recall that the first glitch of economic theory is unemployment. It results from the disparity between the ideal conditions of the economic archetype which has its basis in natural law, and conditions prevailing in an extant economy. Time and friction are characteristics of an actual economy. When time is present, disequilibrium is the normal outcome. During the gold-backed monetary system of the Great Depression, disequilibrium was revealed in the hoarding of gold in anticipation of its appreciation. The outcome was a shortfall in output, and therefore unemployment resulted.

Suggested Citation

  • James E. Sawyer, 1987. "Asset Conservation," Palgrave Macmillan Books, in: Why Reaganomics and Keynesian Economics Failed, chapter 6, pages 75-86, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09497-4_6
    DOI: 10.1007/978-1-349-09497-4_6
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