Friedrich Hayek, the great Austrian economist, on Meet the Press in 1975. The circumstances at the time was primarily inflation and rising unemployment. Not exactly the situation we're in now, but the attempt to gin up the economy with infusing massive amounts government money could bring back the inflation beast. Hayek's most important point is that inflation draws labor into jobs that can only be sustained by further inflation.
Hat tip to Division of Labor
Queue up the audio here.
No comments:
Post a Comment
You are welcome to post at this blog. You are asked, however, to refrain from the following:
1. Name-calling;
2. Questioning the motives or integrity of people you have never met just because you disagree with them;
3. Using obscenities or other expressions not appropriate or necessary to civilized discussion;
4. Taking disagreement personally;
5. Demeaning or insulting remarks.
The host will attempt to abide by the same rules and only asks that you not provide him with the temptation to do so in return by violating them.
Failure to comply with these rules can result (depending solely on the arbitrary and inscrutable will of the host) in the deletion of offending posts and suspension of posting privileges. Such measures are more likely if you post anonymously.