David Glasner: Ralph Hawtrey Wrote the Book that Arthur Burns Should Have Read — but Didn’t: "These mistakes all stemmed from a failure by Burns to understand the rationale of an incomes policy. Burns was not alone in that failure, which was actually widespread at the time. But the rationale for such a policy and the key to its implementation had already been spelled out cogently by Ralph Hawtrey in his 1967 diagnosis of the persistent failures of British monetary policy and macroeconomic performance in the post World War II period, failures that had also been deeply tied up in the misunderstanding of the rationale for–and the implementation of—an incomes policy...


#noted

Comments