The fallacy of saving; a study in economics (1892) PDF by J. M. Robertson

The fallacy of saving

The fallacy of saving;


I find that when a young economist presses the criticism he is made to suffer for it by exclusion from educational posts which are in the gift of adherents of the orthodox view. Having personally nothing to fear in this way, I feel the more bound to press the true doctrine, as I regard it, on public attention. I would preface my exposition, however, with an appeal to the candor and leniency alike of economic students and general readers, in consideration of the difficulty which attends all rectifications of abstract theory, and efforts at new economic analysis is perhaps a special degree. As regards the practical solution propounded in the Second Part, I wish it to be noted that it is evolved as a strict economic solution of the problem leading up to the First, and, though it coincides with some proposals classified as Socialistic, is no a priori application of any abstract theory of society, and does not stand or fall with any such theory.



Contents of the book:

Part I.— the fallacy. 

I. The vogue of the fallacy - - I 

Ii. The contradictions of adam smith- - - 12 

Iii. How the fallacy arose— Turgot and smith - 23 

Iv. The first corrections— Lauderdale and his Critics — Malthus, Chalmers, Sigismondi— the 
The optimism of McCulloch ----- 28 

V. The argument of J. S. Mill - - - - 42 

Vi. The doctrine since mill 56 

Vii. The rationale of capital— the fallacy— The doctrine that supply is demand— capital And misproduction 72 

Viii. "The physiology of industry" — a confirmatory argument 105 

Part ii.— the practical issue - - 119 

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