Quotation of the Day…

by Don Boudreaux on June 10, 2012

in Scientism, Seen and Unseen, State of Macro

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

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.

Comments

Add a Comment    Share Share    Print    Email

Previous post:

Next post: