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Quotation of the Day…

Posted By Don Boudreaux On June 10, 2012 @ 7:13 am In Scientism,Seen and Unseen,State of Macro | Comments Disabled

… is from page 117 of W.H. Hutt’s detailed, careful, and profound 1979 study The Keynesian Episode [1]:

And this [their confused thinking about money] seems to have led the new Keynesians, like the old, to the belief that monetary or fiscal policy, through the control of spending, can act as a universal solvent of all price disharmonies and, like an invisible hand, make unnecessary, or less necessary, the difficult task of overhauling the institutions which make up the price system.

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[1] The Keynesian Episode: http://www.amazon.com/The-Keynesian-Episode-A-Reassessment/dp/0913966614/ref=sr_1_1?s=books&ie=UTF8&qid=1339326405&sr=1-1&keywords=hutt+keynesian+episode

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