A Tiger By the Tail by F. A. Hayek

By F. A. Hayek

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This, in turn, might force governments to act directly on wage rates. J. C. E. ), Britain’s Economic Prospects (London: Allen & Unwin, 1968). H. Beveridge, Full Employment in a Free Society (London: Allen and Unwin, 1944, pp. 198–201, esp. p. 201: ‘Adoption by the State of a price policy is a natural and probably an inevitable consequence of a full employment policy’. E. W. Paish, Rise and Fall of Incomes Policy, Hobart Paper 47 (London: IEA, second edition, 1971); S. Brittan, Government and the Market Economy, Hobart Paperback 2 (London: IEA, 1971); E.

Prices and Production, pp. 3–5) 3. FALLACY OF ‘THE’ PRICE LEVEL Professor Hayek points out that the ex post statistical construct of a price index, which we call ‘the’ price level, is not a representation of reality— in the sense in which, say, the ‘observations’ of the physical sciences are such a representation. ) It is clear that in this case the argument for a national monetary system cannot rest on any peculiarities of the national money. It must rest, and indeed it does rest, on the assumption that there is a particularly close connection between the prices—and particularly the wages—within the country which causes them to move to a considerable degree up and down together compared with prices outside the country.

We have assumed that not only the supply of pure input but also the supply of final and intermediate products and of instruments of all kinds was infinitely elastic, so that every increase in demand could be satisfied without any increase of price, or, in other words, that the increase of investment (or we should rather say output) was possible without society in the aggregate or even any single individual having to reduce consumption in order to provide an income for the additional people now employed.

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