Davey Crockett
Full Member
- Dec 17, 2023
- 1,211
- 1,270
- Country of Origin
- Country of Residence
Henry Hazlett wrote a book, "Economics in One Lesson." It is a book that needs to be read by people that need to understand economics.
Does Kamala know that Richard Nixon attempted to stop inflation by price controls? Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II. It didn't work.
This is why it didn't work then or won't work anytime. Once you understand what inflation is then you will see why.
Henry Hazlitt explains why.
Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II.
Hazlitt cautions about using false remedies to combat inflation. Attacking rising prices with wage and price controls misses totally the heart of the problem. They do nothing to halt the monetary expansion. Moreover, the controls themselves have the disastrous consequences of creating shortages, discouraging production, and moving ever in the direction of a complete command economy.
Mr. Hazlitt also explains how inflation disrupts production, inhibits economic calculation, distorts interest rates, mal-employs workers and resources, and consumes capital.
Just as serious as the economic disruption are the social consequences of inflation. It destroys thrift, promotes gambling, disheartens the spirit to work, and breeds social unrest, envy, and crime.
From the standpoint of economics, the cure for inflation is simple — stop it! Stop the politicians from printing money to pay for their spending programs; but herein lies the difficulty. The problem of inflation extends beyond economics, as Henry Hazlitt concludes:
Does Kamala know that Richard Nixon attempted to stop inflation by price controls? Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II. It didn't work.
This is why it didn't work then or won't work anytime. Once you understand what inflation is then you will see why.
Henry Hazlitt explains why.
Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II.
Hazlitt cautions about using false remedies to combat inflation. Attacking rising prices with wage and price controls misses totally the heart of the problem. They do nothing to halt the monetary expansion. Moreover, the controls themselves have the disastrous consequences of creating shortages, discouraging production, and moving ever in the direction of a complete command economy.
Mr. Hazlitt also explains how inflation disrupts production, inhibits economic calculation, distorts interest rates, mal-employs workers and resources, and consumes capital.
Just as serious as the economic disruption are the social consequences of inflation. It destroys thrift, promotes gambling, disheartens the spirit to work, and breeds social unrest, envy, and crime.
From the standpoint of economics, the cure for inflation is simple — stop it! Stop the politicians from printing money to pay for their spending programs; but herein lies the difficulty. The problem of inflation extends beyond economics, as Henry Hazlitt concludes:
