“Who can now doubt that, as Professor Mises pointed out thirty years ago, every intervention by a political authority entails a further intervention to prevent the inevitable economic repercussions of the first step from taking place?" --Ludwig Lachmann, Ph.D., in his essay "The Market Economy and the Distribution of Wealth," 1956
Thursday, September 22, 2011
Quote of the day: Are there two reactions for every government action?
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2 comments:
Nothing Lachmann said established that an inevitable repercussion would take place.
What if a government intervention resulted in more money being circulated in the economy? Is that a negative?
And why did Lachmann not talk about proportional distribution and taxation? Are these concepts proposed by Adam Smith and advocated by Alexander Hamilton to difficult for him to grasp?
But then capitalsim seems difficult to the Bluegrass Plolicy Blog to grasp. It's not surprising that the BPB would post someone who was equally unable to address the concept of proportionality in economics.
Great post thankks
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