Index
26 March 2010
Kates delivers Mises lecture
Dr Steven Kates.
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Dr Steven Kates of RMIT University’s School of Economics, Finance and Marketing recently presented the prestigious Ludwig von Mises Lecture.
The lecture was given at the Austrian Scholars’ Conference at the Ludwig von Mises Institute in Auburn, Alabama, USA.
Dr Kates was free to choose any topic from his research “that is in the spirit of Mises’s efforts to refine and advance economic theory”.
The invitation specifically noted that Say’s Law in modern macroeconomics would be “a fine example of this and is also very timely”.
Dr Kates therefore chose as his topic: "Why Your Grandfather’s Economics was Better than Yours: On the Catastrophic Disappearance of Say’s Law".
Ludwig von Mises was the economist for the Austrian Chamber of Commerce for 24 years. Dr Kates was the economist for the Australian Chamber of Commerce for 24 years.
He has also worked as an economist in the economics department of one of Australia’s major trading banks and was a Commissioner on the Productivity Commission.
His most recent book, Mainstream Economic Theory and its Failings: Alternative Perspectives on the Global Financial Crisis, has just been published by Edward Elgar.
Dr Kates has described Say’s Law in the following terms: "That you can never give an economy momentum from the demand side. You can never spend your way to recovery. All expenditure must be backed by value adding production."
