The abolition of consumers’ choice in favor of universal rationing is a typical product of that onslaught, sometimes called Bolshevism.
This was written by an economist in 1940 to oppose rationing during World War II. Who was the economist? You can “cheat” by Googling it. But if you do, please don’t give your answer in the comments.
Sep 22 2011
1. If you believe that aggregate demand matters, then monetary policy is too tight. 2. We won't know whether or not to believe that aggregate demand matters until we see higher inflation. If we see 3 percent inflation or more for six months and no improvement in unemployment, then those of us who are skeptical of a...
Sep 22 2011
Tyler Cowen writes, In bad times, and when accounting gimmicks are rampant, a government's fiscal policy is best understood as a portfolio of options positions, not in terms of a static balance sheet. Read the whole post. There is much, much to think about here. For example, one argument for government intervention...
Sep 22 2011
The abolition of consumers' choice in favor of universal rationing is a typical product of that onslaught, sometimes called Bolshevism. This was written by an economist in 1940 to oppose rationing during World War II. Who was the economist? You can "cheat" by Googling it. But if you do, please don't give your answer...
READER COMMENTS
Nickolaus
Sep 22 2011 at 8:35am
I’ve seen enough of these “who said its” on Cafe Hayek to know that this is either Keynes or Krugman. Since it was written in 1940, I’m going to go with Keynes.
Michael Stack
Sep 22 2011 at 9:07am
@Nickolaus:
Agreed, that’s got to be Keynes. The quote gets to the point too quickly to have been Hayek, and besides, that’s too obvious; Henderson wouldn’t have asked if it had been Hayek.
Keynes.
Alex J.
Sep 22 2011 at 9:59am
I would be surprised if Hayek spent much time talking about “Bolshevism”.
don bumpass
Sep 22 2011 at 11:22am
galbraith?
Nathan Smith
Sep 22 2011 at 11:31am
I was also thinking Keynes.
Yancey Ward
Sep 22 2011 at 1:03pm
I would take the easy answer of Keynes, too. That it was 1940 suggests that this was Great Britain to which the writer was referring.
Jeremy, Alabama
Sep 22 2011 at 2:30pm
If it wasn’t Hayek, then whoever it was was channeling Hayek.
Marc Street
Sep 22 2011 at 2:43pm
What about Mises?
Comments are closed.