A Tiger By the Tail by F. A. Hayek

By F. A. Hayek

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W. Paish, Rise and Fall of Incomes Policy, Hobart Paper 47 (London: IEA, second edition, 1971); S. Brittan, Government and the Market Economy, Hobart Paperback 2 (London: IEA, 1971); E. ’, Economic Journal (March 1966). 12 T. G. D. ), Economic Growth in Britain (London: Weidenfeld & Nicolson, 1966). 13 Robbins, ‘Full Employment as an Objective’, in The Economist in the Twentieth Century (London: Macmillan, 1954); italics in original. 6 THE DEBATE , 1931–1971 The present determination of wages by bargain between employer and employed would be suspended.

In the comparatively short space of the six years during which Great Britain was on a gold standard in the post-war period, it suffered from what is known as overvaluation of the pound. , to par’2—in 1925 the British currency had been brought back to its former gold value. In consequence, to restore equilibrium, it was necessary to reduce all prices and costs in proportion as the value of the pound had been raised. This process, particularly because of the notorious difficulty of reducing money wages, proved to be very painful and prolonged.

42–46) 6. MONETARY DANGER OF COLLECTIVE BARGAINING This extract is noteworthy for its prediction, in 1937, of the process of wage-inflation of the 1950s and 1960s. While the whole idea of a monetary policy directed to adjust everything to a ‘given’ wage level appears to me misconceived on purely theoretical grounds, its consequences seem to me to be fantastic if we imagine it applied to the present world where this supposedly given wage level is at the same time the subject of political strife.

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