The economics of illusion; a critical analysis of by Ludwig Albert Hahn, Henry Hazlitt

By Ludwig Albert Hahn, Henry Hazlitt

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Extra resources for The economics of illusion; a critical analysis of contemporary economic theory and policy

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Lerner, "Functional Finance and the Federal Debt," Social Research, Vol. 10 (1943), pp. 38-51. 3 According to this theory, employment can, "as a rule" and "in the general case," be raised or restored by raising effective demand to a sufficiently high level. Why, then, should there be any need for a painful adjustment process? 4 THE ILLUSION EFFECT OF MONETARY MANIPULATIONS IN CREATING EMPLOYMENT Lord Keynes contends that "as a rule" and in the "general case" an expansion in "effective demand" increases employment as well as prices.

These losses, however, are in all likelihood the minor part of the damage that foreign creditors suffered from their German investments, since the whole debt, so far as it was not paid back by the outbreak of the war, must be considered lost, at least for the time being. 8 billion marks) that was due them in July 1931. The burden of this loss was not evenly distributed. The banks that granted the moratorium credits suffered relatively little, as in these accounts all except 780 million marks was paid off.

907. 30 THE ECONOMICS OF ILLUSION 12 try. And the output of armament represented capital production, inasmuch as it withdrew goods and services from consumption. 13 In addition, her foreign debt was reduced during these years GERMANY'S FOREIGN DEBT, 1931-39° (in billions of marks) Date Moratorium Other Short-term Credits Credits b Long-term Credits Total July Nov. Feb. Sep. 5 Feb. Sep. Feb. Feb. 1 Feb. 1937 Feb. 1938 Feb. 5 "Based on Statistisches Jahrbuch fur das Deutsche Reich, 1937, p. 538; Economist, July 9, 1938, p.

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