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“Any movement that has no sense of its own history, that fails to acknowledge its own leaders and heroes, is not going to amount to very much, nor does it deserve a better fate.” -Murray N. Rothbard.
“Man is a creature of ideas. […] Truth, therefore, is as necessary to human life as food and drink. Wrong ideas may be as deadly as any poison or virus. Right ideas mean health and progress.” (p.V)
“Until the end of World War II, the most widely used economics textbooks in America were still in the classical tradition. They thaught that free enterprise was a workable system. It had its faults, they said, such as inequalities and monopolies, but a least it gave us a maximum of individual opportunity and economic progress.
Now the most widely textbooks present a very different view, one which the authors call the “new economics”, or the “Keynesian revolution”. This new set of doctrines purports to prove that free enterprise, in addition to other alleged faults, is “without a steering wheel or governor”, inherently unstable and inefficient.
Because of this inherent and basic defect, the theory goes, a “mature” economy like that of the United States must suffer an intolerable degree of unemployment and unused capacity –unless government comes to the rescue.” (p.1)
“According to a survey reported in the American Economic Review for December, 1950 (Supplement, Part 2), nearly 80 per cent of the college teachers questioned were then teaching economics from the point of view of the “new economics”.” (p.3)
“The problem which the economists of that cointry were debating was unemployment. From 1920 to 1937, except for one year, unemployement in England remained above 10 per cent of the labor force, a leval equaled only twice before in the preceding 60 years.
Classical economists said that the causes of this chronic unemployement were interferences with free enterprise: heavy taxes and burdensome government restrictions ; unemployement doles, which subsidized idleness ; and trade union wage-kiting and restriction of output. The remedy, these economics argued, was to remove or reduce these burdens and restrictions.
The trade union leaders, of course, indignantly rejected this argument. So did the Fabian Socialists, who held many academic positions. However, the attack on the free-market theory of prosperity lacked academic prestige until John Maynard Keynes, a tutor at the University of Cambridge, joined in.” (p.4-5)
-Vernon Orval Watts, Away from Freedom, The Ludwig von Mises Institute, 2008 (1952 pour la première edition états-unienne), 105 pages.
“Man is a creature of ideas. […] Truth, therefore, is as necessary to human life as food and drink. Wrong ideas may be as deadly as any poison or virus. Right ideas mean health and progress.” (p.V)
“Until the end of World War II, the most widely used economics textbooks in America were still in the classical tradition. They thaught that free enterprise was a workable system. It had its faults, they said, such as inequalities and monopolies, but a least it gave us a maximum of individual opportunity and economic progress.
Now the most widely textbooks present a very different view, one which the authors call the “new economics”, or the “Keynesian revolution”. This new set of doctrines purports to prove that free enterprise, in addition to other alleged faults, is “without a steering wheel or governor”, inherently unstable and inefficient.
Because of this inherent and basic defect, the theory goes, a “mature” economy like that of the United States must suffer an intolerable degree of unemployment and unused capacity –unless government comes to the rescue.” (p.1)
“According to a survey reported in the American Economic Review for December, 1950 (Supplement, Part 2), nearly 80 per cent of the college teachers questioned were then teaching economics from the point of view of the “new economics”.” (p.3)
“The problem which the economists of that cointry were debating was unemployment. From 1920 to 1937, except for one year, unemployement in England remained above 10 per cent of the labor force, a leval equaled only twice before in the preceding 60 years.
Classical economists said that the causes of this chronic unemployement were interferences with free enterprise: heavy taxes and burdensome government restrictions ; unemployement doles, which subsidized idleness ; and trade union wage-kiting and restriction of output. The remedy, these economics argued, was to remove or reduce these burdens and restrictions.
The trade union leaders, of course, indignantly rejected this argument. So did the Fabian Socialists, who held many academic positions. However, the attack on the free-market theory of prosperity lacked academic prestige until John Maynard Keynes, a tutor at the University of Cambridge, joined in.” (p.4-5)
-Vernon Orval Watts, Away from Freedom, The Ludwig von Mises Institute, 2008 (1952 pour la première edition états-unienne), 105 pages.
