A Tiger By the Tail

Cover
A Tiger by the Tail
© 2009
Acknowledgements
Contents
Guide to Extracts and Articles
Introduction to the Third Edition by Joseph Salerno 
Preface by Arthur Seldon
Preface to the Second Edition by Arthur Seldon
The Authors
I. The Debate, 1931-1971 (Sudha Shenoy)
     Challenge to Keynes
     The Approach to an Incomes Policy
     ‘Micro’ Dimensions Acknowledged
     Is There a Price ‘Level
     Further Implications of Hayekian Analysis
II. The Misuse of Aggregates
     1. Inflationism
     2. No Causal Connection Between Macro Totals and Micro Decisions
     3. Fallacy of ‘The’ Price Level
     4. Economic Systems Overleap National Boundaries
          Misleading Concepts of Prices and Incomes
     5. Dangers of ‘National’ Stabilisation
          Theoretical Case Not Argued
          Relative Price and Cost Structures
     6. Monetary Danger of Collective Bargaining
III. Neglect of Real for Monetary Aspects
     7. Keynes’s Neglect of Scarcity
          Investment Demand and Incomes
          Final Position of Rate of Return
          Mr. Keynes’s Economics of Abundance
          Basic Importance of Scarcity
     8. Importance of Real Factors
          Significance of Rate of Saving
     9. Dangers of the Short Run
          Betrayal of Economists’ Duty
IV. International versus National Policies
     10. A Commodity Reserve Currency
          An Irrational but Real Prestige
     11. Keynes’s Comment on Hayek
          Conditions for National Price Stability
          Different National Policies Needed
     12. F.D. Graham’s Criticism of Keynes
          The ‘Natural Tendency of Wages
          Gold Standard ‘Dictation
          Unanchored Medium of Exchange
          The Real Problem of Unemployment
          Professor Hayek’s ‘Intransigence
     13. Keynes’s Reply to Graham
V. Wage Rigidities and Inflation
     14. Full Employment, Planning and Inflation
          Full Employment the Main Priority
          Unemployment and Inadequate Demand
          Main Cause of Recurrent Unemployment
          Expansion May Hinder Adjustment
     15. Inflation Resulting from Downward Inflexibility  of Wages
          Importance of Relative Wages
          Inflation—A Vicious Circle
          The State of Public Opinion
     16. Labour Unions and Employment
          Changed Character of the Problem
          Union Coercion of Fellow Workers
          Wage Increases at Expense of Others
          Harmful and Dangerous Activities
          Acting against Members’ Interests
          A Non-coercive Role
          Minor Changes in the Law
          Responsibility for Unemployment
          Progression to Central Control
          ‘Unassailable’ Union Powers
     17. (a) Inflation—A Short-term Expedient (b) Inflation—The Deceit is Short-lived
          17. (a) Inflation—A Short-term Expedient
               Inflation Similar to Drug-taking
               Accelerating Inflation
               The Path of Least Resistance
          17. (b) Inflation—The Deceit is Short-lived
               Limited Central Bank Influence
               Weak Opposition to Inflation
VI. Main Themes Restated
     18. Personal Recollections of Keynes
          Keynes Changes His Mind
          Thinking in Aggregates
          Full Employment Assumption
          Wide Intellectual Interests
     19. General and Relative Wages
          Unpredictability and the Price System
          Wage Rigidities
          Importance of Relative Wages
     20. Caracas Conference Remarks
VII. The Outlook for the 1970s: Open or Repressed Inflation? by F.A. Hayek
     Long-run Vicious Circle
     Repressed Inflation a Special Evil
     Central Control and ‘Politically Impossible’ Changes
     Profit-sharing a Solution
     Basic Causes of Inflation
VIII. Addendum 1978
     Introduction by Sudha Shenoy
     Guiding Role of Individual Price Changes
     21. Good and Bad Unemployment Policies
          Maladjustments
          Wages and Mobility
          Dangers Ahead
     22. Full Employment Illusions
          Money Expenditure and Employment
          An Old Argument in New Form
          The Shortcomings of Fiscal Policy
          Cyclical Unemployment
          Consumers’ Goods Demand and Investment Activity
          Purchasing Power and Prosperity
          Why the Slump in Capital Goods Industries
     23. Full Employment in a Free Society
Hayek’s Writings: A List for Economists
Index