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A Tiger by the Tail: The Keynesian Legacy of Inflation (Cato paper) Paperback – June, 1979

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Product Details

  • Series: Cato paper
  • Paperback: 158 pages
  • Publisher: Cato Inst (June 1979)
  • Language: English
  • ISBN-10: 0932790062
  • ISBN-13: 978-0932790064
  • Product Dimensions: 8.4 x 5.4 x 0.5 inches
  • Shipping Weight: 9.6 ounces
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Best Sellers Rank: #4,302,342 in Books (See Top 100 in Books)

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Format: Paperback
Hayek uses flawless logic to prove that Keynesian economics, which is touted today as our own modern monetary policy, is inflationary economics. The end result of this application can only be a situation which is worse than the one it was intended to remedy. Hayek proves that individuals acting independently are unable to provide the consistent statistical information necessary on which to base an ordered economy. Hayek then explains how Keynes' pursuit of a perfect monetary policy will never be realized because artificial intervention can only produce inflationism. Hayek's focus throughout the book on the temporary fix versus long-term consequences now has me watching our present government and its monetary decisions in a new light. In 1979, Hayek showed what is happening today with perfect clarity. Every act of intervention brings about a need for more. Hence, his title "A Tiger by the Tail". Once we have grabbed a hold we cannot let go and are inevitabily dependent upon the government to bail us out and keep us afloat. If you read this book, you don't have to believe...just be a good swimmer.
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By M. Heiss on February 1, 2016
Format: Paperback
Keynes's General Theory emphasizes the importance of full employment and uses monetary policy (inflation) to mask economic slumps and unemployment.

Hayek's responses to Keynes is masterful - demonstrating how rigid wage supports bring about nasty economic bust cycles and have their ultimate end in planned economies. The long-term problem is that refusing to let wages be set like other prices, the result is wealth inequality - it is impossible to avoid. Unemployment is a WAGE problem. (p. 125) Demand can not drive prosperity (p.133)

Also highlighted in the book is the coercive nature of labor unions and how to restore justice to employment policies. This is a long section (pp 73-88)

Next to read: Petro "Labor Policy of a Free Society"
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Format: Paperback
Friedrich August Hayek (1899-1992) was an economist of the Austrian School (and once a student of Ludwig von Mises) who received the Nobel Prize in Economics in 1974. His major works include The Road to Serfdom: A Classic Warning Against the Dangers to Freedom Inherent in Social Planning, The Fatal Conceit: The Errors of Socialism (The Collected Works of F. A. Hayek), The Constitution of Liberty, etc.

This collection of various writings was originally published in 1972. The excerpts (sometimes fairly short) are arranged topically, such as Misuse of Aggregates; Neglect of Real for Monetary Aspects; International vs. National Policies; Wage Rigidities and Inflation, etc. Editor Sudha Shenoy contributes an Introduction, as well. The title relates to this quotation: "...it has taken twenty-five years to reach the stage where to slow down inflation produces a recession. We now have a tiger by the tail: How long can this inflation continue? If the tiger (of inflation) is freed, he will eat us up; yet if he runs faster and faster while we desperately hold on, we are STILL finished!" (Pg. 110)

Hayek says that to limit price or wage-rate increases by an incomes policy is to "freeze a particular set of price and wage-rate interrelationships" while underlying circumstances of supply and demand are continually changing. "This is like the 'stability' of a set of defective gauges perpetually pointing to the same set of readings." (Pg.
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