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Quotation of the Day…

Posted By Don Boudreaux On April 6, 2012 @ 7:57 am In Crony Capitalism,Inflation,Reality Is Not Optional | Comments Disabled

… is from page 250 of Axel Leijonhufvud’s 1981 collection, Information and Coordination: Essays in Macroeconomic Theory [1]; specifically, it’s from his superb chapter “Costs and Consequences of Inflation” (original emphasis):

In a regime of unstable money, it is not rational for people to rely on private contracts and agreements to the same extent as in a stable money regime.  The substitute instrumentality is political.  We expect people to use their votes and lobbies increasingly to help ensure for themselves a predictable real income.  Such activity may take the form of demands on the government itself for adjustment of taxes, for transfer payments, for “free” or subsidized government-provided services.

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[1] Information and Coordination: Essays in Macroeconomic Theory: http://www.amazon.com/Information-Coordination-Essays-Macroeconomic-Theory/dp/0195028155/ref=sr_1_1?s=books&ie=UTF8&qid=1333713336&sr=1-1

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