A Tiger By the Tail by F. A. Hayek

By F. A. Hayek

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It may therefore be desirable, before we go on to examine its analytical justification, to trace the historical causes which have brought this view to prominence. There can be little doubt that its ascendancy is closely connected with 21 A TIGER BY THE TAIL the peculiar difficulties of English monetary policy between 1925 and 1931. In the comparatively short space of the six years during which Great Britain was on a gold standard in the post-war period, it suffered from what is known as overvaluation of the pound.

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. ’, Economic Journal (March 1966).

15 A TIGER BY THE TAIL 2. NO CAUSAL CONNECTION BETWEEN M ACRO TOTALS AND MICRO DECISIONS Professor Hayek emphasises the operational significance of individual specific price changes in the real world; he also emphasises the ex post nature of such statistical constructs as averages and aggregates. . What I complain of is not only that [the quantity] theory in its various forms has unduly usurped the central place in monetary theory, but that the point of view from which it springs is a positive hindrance to further progress.

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