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The Hayek-Keynes Debate, 1931-1971

  • Audio Mises Daily
April 23, 2009

Tags World HistoryCalculation and KnowledgeCapital and Interest TheoryOther Schools of Thought

If the current level of output and employment is made to depend on inflation, a slowing down in the pace of inflation will produce recessionary symptoms. Moreover, as the economy becomes adjusted to a particular rate of inflation, the rate must itself be continuously increased if symptoms of a depression are to be avoided: to inflate is to have "a tiger by the tail", writes Sudha R. Shenoy (1943-2008).

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