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By F. A. Hayek

ISBN-10: 1933550406

ISBN-13: 9781933550404

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But the reader of Mr. 2 And not only 2 I should have thought that the abandonment of the sharp distinction between the ‘freely reproducible goods’ and goods of absolute scarcity and the substitution for this distinction of the concept of varying degrees of scarcity (according to the increasing costs of reproduction) was one of the major advances of modern economics. But Mr. Keynes evidently wishes us to return to the older way of thinking. This at any rate seems to be what his use of the concept of ‘bottlenecks’ means; a concept which seems to me to belong essentially to a naïve early stage of economic thinking and the introduction of which into economic theory can hardly be regarded as an improvement.

Hayek criticised Keynes for his neglect of the real structure of production, arguing that Keynes’s predilection for concentrating on the immediate and purely monetary phenomena accompanying changes in money expenditure, together with his penchant for aggregative macro concepts (total profits, total investment), had led him into contradictory or untenable conclusions. Keynes apparently held that if there were no entrepreneurial profits or losses in the aggregate, total output would be held constant.

Macro’ measures acting on aggregate expenditure may have allowed us hitherto to ignore this basic micro discoordination,19 but events seemingly have brought the issue forward unavoidably. ‘Macro’ measures, it would appear, may offset micro problems but are no substitute for appropriate micro solutions. The significance of coordination at the micro-level appears here, in the light of a third type of analysis, which Professor Hayek developed, on foundations laid by the ‘Austrians’: Menger, Wieser and BöhmBawerk, culminating in the works of Mises.

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A Tiger By the Tail by F. A. Hayek

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