The Control Of Inflation

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The Control Of Inflation

We've always believed that capitalism lends itself to more reform, more patching up of one messy sort or another, than most scholars of any intellectual rigor and purity imagine.

Or business-men, for that matter.

Many businessmen believe that any modification of the system is destructive, the first step down to Bolshevism.

One reason for our own optimism, no doubt, is the natural comfort we feel with the system ourselves.

We told you to assume a personal bias in all economists unless there is proof of a truly saintly detachment.

Personal bias makes us a reformer rather than a revolutionary.

However, we cannot look usefully at the needed patching until we have seen what has happened to the market.

On one point - it is hard to think of another - all economists of all faiths agree.

The neoclassical system depends for its credibility and its workability on a credible, workable market.

Could we talk about what has happened to the market?

Interested in Trade Unions in 2015?

Is Keynes Obsolete?

Yes, although not all economists yet agree today in 2015. His ideas are still those of the mainstream of western economics. Careful, intelligent or inspired management by the government and the central banks will supply the purchasing power that will keep employment at a high level without other adverse consequences; this is still the implicit faith of most economists in public office. But unfortunately you can be in high office and still be obsolete.

To be more specific, Keynes was concerned with unemployment and depression; he was almost completely unconcerned with inflation, which, in the years... see: Is Keynes Obsolete?

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