Quotation of the Day…

by Don Boudreaux on February 25, 2014

in Reality Is Not Optional, Seen and Unseen, State of Macro

… is from page 131 of Kenneth Boulding’s “Review of The Pure Theory of Capital by Friedrich A. Hayek,” which appeared in the February 1942 issue of the Journal of Political Economy; I found this quotation on page xxxi of my colleague Larry White’s “Editor’s Introduction” to the 2007 edition of Hayek’s 1941 volume, The Pure Theory of Capital:

Mr. Keynes’ economics of surprise, like Hitler’s, may be admirable in producing spectacular immediate success.  But we need Puritan economists like Dr. Hayek to point out the future penalties of spendthrift pleasures and to dangle us over the hellfire of the long run.

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