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Quotation of the Day…

… 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.