Quarterly Journal of Austrian Economics
Author:
G. R. Steele
Online Publish Date:
stabilization of the ‘price level’ with the means available to monetary policy” (ibid., p. 113). Unless the (equilibrium) conditions are first established Keynes as the “leading exponent” of a “pernicious” doctrine (ibid., pp. 2–3): “policies and practices which not long ago would have been frowned upon by all full and certain information to equate marginal gains and losses. Under perfect competition, there is a Pareto optimal allocation of resources. Transactions dates