The Economics of Illusion by L. Albert Hahn

By L. Albert Hahn

L. Albert Hahn used to be the most very hot economists and bankers in Germany prior to the battle yet he was once unknown within the US till this translation of his paintings seemed in 1949. He immigrated to the united states in 1940. This publication is his frontal assault at the Keynesian process, which he calls the economics of phantasm. He exhibits how executive spending creates a fake prosperity, and not greater than in wartime. He explodes lots of Keynes's fallacies, and with nice precision too given that, it seems, Hahn himself as soon as complex those related fallacies sooner than he observed their error. So he writes with the fervour of a convert. Mises proposal very hugely of Hahn's paintings, and none except Henry Hazlitt has written the advent to this vintage anti-Keynesian paintings. 281 pages, 6" x 9", paperback

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For every newcomer is not only a potential producer, but also a potential consumer. According to classical economic thinking, production and consumption equal each other. Growth of population can be the reason for unemployment only under very exceptional conditions, the most important one being lack of capital necessary for the productivity of the new labor forces. This condition certainly does not exist in our times of very low interest rates. Unless compelling reasons to the contrary are put forward, an increase in population can never lead to unemployment.

538; C. R. S. Harris, Germany's Foreign Indebtedness since July 1931, London, 1935, pp. 8-9. 5 Financial Chronicle, July 11, 1931, p. 75. , July 18, 1931, p. 336. 7 Claude William Guillebaud, The Economic Recovery of Germany, London, 1939, p. 21. CAPITAL IS MADE AT HOME 29 The world expected a new collapse. True, a heavy deflationary crisis shook Germany. 8 At the beginning of September 1931 the first moratorium agreement for short-term credits was concluded. 9 Nevertheless, until her war with the United States, Germany continuously repurchased her loans in foreign markets, where they were devalued by default.

A certain restriction in consumption will have to be borne, it is true; Europeans will not be able to travel in air-conditioned trains immediately after the war. Elasticity of production was the strength of the European countries after the 1914-18 war. They have since acquired in addition elasticity of money and credit. With the abandonment of the gold standard, governments and central banks are no longer forced to restrict their credits in order to maintain the parity of their currency. There is no longer such a thing as need for the so-called external discount policy.

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