Hayek and His Overcoat
Geoffrey Hawthorn, 1 October 1998
The Wealth and Poverty of Nations
by David Landes.
Little, Brown, 650 pp., £20, April 1998,0 316 90867 3 Show More
by David Landes.
Little, Brown, 650 pp., £20, April 1998,
The Commanding Heights
by Daniel Yergin and Joseph Stanislaw.
Simon and Schuster, 457 pp., £18.99, February 1998,0 684 82975 4 Show More
by Daniel Yergin and Joseph Stanislaw.
Simon and Schuster, 457 pp., £18.99, February 1998,
“... there would be inflation. One must wait for economies to right themselves. (‘Is it your view,’ Richard Kahn asked Hayek when he came to Cambridge to explain his theory in 1931, ‘that if I went out tomorrow and bought a new overcoat, that would increase unemployment?’ ‘Yes,’ was the reply. Keynes, although he greatly disliked Hayek’s argument, saw ... ”