James C. W. Ahiakpor
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MARCH 26, 2014 by JAMES C. W. AHIAKPOR
Adam Smith used labor as a measure of value rather than value's determinant. Karl Marx also did not use the quantity of labor employed in production as the determinant of market prices.
OCTOBER 03, 2012 by JAMES C. W. AHIAKPOR
SEPTEMBER 21, 2011 by JAMES C. W. AHIAKPOR
NOVEMBER 24, 2010 by JAMES C. W. AHIAKPOR
JUNE 09, 2009 by JAMES C. W. AHIAKPOR
The multiplier argument is founded on two key assumptions that turn out to be false. First is the notion that savings are not spent but rather are withdrawn from the expenditure stream. The multiplier's second incorrect premise is that government expenditures are "autonomous"; that is, government spending does not depend on current income.