The Three Musketeers vs. Teh Macroeconomic Ignoramuses, Part CXIV

Nick Rowe looks at Catherine Rampell's truly excellent NFIB chart:

He muses on the great puzzle: Jean-Baptiste Say and John Stuart Mill could recognize in 1829 that in Britain in 1825-1826 an excess demand for money had produced an excess supply of currently-produce goods and services--that the problem was not one of structural unemployment (too much demand for goods workers could not make and too little demand for goods that they could) but of deficient demand in general.

So why do so...