O Instituto Mises continua a publicar clássicos liberais e trouxe agora a público mais um título Indispensável para refutar o disparate Keynesiano: Theory of Idle Resources, escrito em 1939 por William H. Hutt.
W.H. Hutt’s Theory of Idle Resources was first published in 1939, surely one of the earliest responses to Keynes’s General Theory.
Hutt goes for the heart of Keynes’s prescription for recovery, which was to get idle resources moving, whether that is money, capital, or labor. If something isn’t being employed right now, it is being wasted.
Hutt responded at length that there is nothing uneconomic or necessarily inefficient about an idle resource. It is the decision of the owner to hold back when faced with a long-term plan, a judgment call concerning risk, a high reservation wage, or a demand for larger cash balances.
In addition, there might be legal restrictions that are causing workers to withhold labor and capitalists to curb production. It makes for fascinating reading. Both the Keynesian proposition and the response are still very much in play today.
Hunter Lewis writes the new introduction.
The economic environment is plagued with enormous unemployment – the ultimate idle resource. What is the problem? Is it a macroeconomic problem of aggregate demand? Or is it is a simple labor pricing problem alongside legal restrictions? Hutt takes the latter position, and utterly crushes the Keynesian view.
Keynes was refuted in 1939! The re-discovery of this fact is bracing indeed.
Keynes diz: os recursos são infinitos, estimulem-se as necessidades. Hutt contrapõe: os recursos são finitos, controlem-se as necessidades e usem-se bem os recursos existentes.
Leiam e fortaleçam os vossos argumentários com um mestre intemporal.