Archive for February 5th, 2009

Friedrich Hayek–Videos

Posted on February 5, 2009. Filed under: Blogroll, Economics, Employment, People, Philosophy, Politics, Quotations, Raves, Science, Taxes, Video | Tags: , , , , |

 

 hayek

 F. A. Hayek Interviewed By John O’Sullivan

53066C

F.A. Hayek Interviewed By John O’Sullivan from FEE on Vimeo.

http://vimeo.com/4063439

 

Bork and Hayek on so-called “Intellectuals”

Hayek on Keynes

 

Hayek on Milton Friedman and Monetary Policy

 

Hayek on Socialism

 

Hayek Warns of “Omnipotent Elected Assembly”

 

 

Background Articles and Videos 

John Maynard Keynes of Bloomsbury: Craufurd Goodwin

 

John Maynard Keynes as Policy Advisor: E. Roy Weintraub

 

John Maynard Keynes and Economics: Kevin Hoover

 

John Maynard Keynes and Hayek: Bruce Caldwell

 

The Political Chances of Genuine Liberalism by Ludwig von Mises

 

Friedrich Hayek

Friedrich August von Hayek CH (8 May 1899 – 23 March 1992) was an economist and philosopher known throughout the world for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought. He is considered to be one of the most important economists and political philosophers of the twentieth century.[1] One of the most influential members of the Austrian School of economics, he also made significant contributions in the fields of jurisprudence and cognitive science. He shared the 1974 Nobel Memorial Prize in Economics with Gunnar Myrdal “for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena.”[2] He also received the U.S. Presidential Medal of Freedom in 1991.[3]

http://en.wikipedia.org/wiki/Friedrich_Hayek

 

Biography F. A. Hayek (1899-1992)

“…F. A. Hayek is undoubtedly the most eminent of the modern Austrian economists. Student of Friedrich von Wieser, protégé and colleague of Ludwig von Mises, and foremost representative of an outstanding generation of Austrian school theorists, Hayek was more successful than anyone else in spreading Austrian ideas throughout the English-speaking world. “When the definitive history of economic analysis during the 1930s comes to be written,” said John Hicks in 1967, “a leading character in the drama (it was quite a drama) will be Professor Hayek. . . . It is hardly remembered that there was a time when the new theories of Hayek were the principal rival of the new theories of Keynes” (Hicks, 1967, p. 203). Unfortunately, Hayek’s theory of the business cycle was eventually swept aside by the Keynesian revolution. Ultimately, however, this work was again recognized when Hayek received, along with the Swede Gunnar Myrdal, the 1974 Nobel Memorial Prize in Economic Science. Hayek was a prolific writer over nearly seven decades; his Collected Works, currently being published by the University of Chicago Press and Routledge, are projected at nineteen volumes. …”

http://mises.org/about/3234

 

Friedrich August von Hayek (1899 – 1992)

“…Friedrich August von Hayek was known all over the world. From the publication of his The Road to Serfdom in 1944, his name was a reference for passé thinking in the new world of Keynesian economics. By the time that Hayek received the Nobel Prize in Economic Science in 1974, he had become more and more associated with the solutions to the crises caused by Keynesian economics. Now, at his death almost two decades later, Hayek is not only associated with the successful repudiation of Keynes’ theories, but also with the solutions to the wider social and constitutional crises that are corollaries to Keynes’ economic model.

Hayek was won over from the general social democratic thinking of his university years by reading Ludwig von Mises’ Socialism (1922). He joined Mises’ famous seminar in Vienna, and became associated with Mises’ work on business cycles. Thus, when Hayek accepted a chair at the London School of Economics in 1931, he contributed to the debate on central economic planning which Mises had originally joined.

Hayek’s work on technical economics was and is highly acclaimed. Yet, he believed that the rational evidence disproving wrong economic thinking such as Keynes’, ultimately was shown to be insufficient. Scholars continued to accept wrong economics because there were deeper aspects which caused some to prefer the wrong to the right.

Expanding his horizons from his purely economic foundations, Hayek built on the science of economics, and was able with sure footing to explore much wider areas, especially political, legal, and constitutional philosophy. …”

http://www.acton.org/publications/randl/rl_liberal_en_45.php

 

Friedrich August Hayek

(1899-1992 )

“…If any twentieth-century economist was a Renaissance man, it was Friedrich Hayek. He made fundamental contributions in political theory, psychology, and economics. In a field in which the relevance of ideas often is eclipsed by expansions on an initial theory, many of his contributions are so remarkable that people still read them more than fifty years after they were written. Many graduate economics students today, for example, study his articles from the 1930s and 1940s on economics and knowledge, deriving insights that some of their elders in the economics profession still do not totally understand. It would not be surprising if a substantial minority of economists still read and learn from his articles in the year 2050. In his book Commanding Heights, Daniel Yergin called Hayek the “preeminent” economist of the last half of the twentieth century. …”

http://www.econlib.org/library/Enc/bios/Hayek.html

 

British economistalso called Friedrich A. Hayek, in full Friedrich August von Hayek

F.A. Hayek 

http://www.britannica.com/EBchecked/topic/257751/F-A-Hayek

 

Economics and Knowledge

by Freidrich Hayek; Presidential address delivered before the London Economic Club; November 10 1936;

Reprinted from Economica IV (new ser., 1937), 33-54.

http://www.virtualschool.edu/mon/Economics/HayekEconomicsAndKnowledge.html

 

List of books by Friedrich Hayek 

http://en.wikipedia.org/wiki/List_of_books_by_Friedrich_Hayek

 

Online Library of Liberty

“…

 

http://oll.libertyfund.org/index.php?option=com_staticxt&staticfile=show.php&title=2146

 

Plan of the Collected Works
of F. A. Hayek

Bruce Caldwell, General Editor

“…

http://www.press.uchicago.edu/Misc/Chicago/320685.html 

 

The Meaning of Hayek

By Gerald P. O’Driscoll Jr.

“…Hayek is best known for his most widely read work, The Road to Serfdom, which was written to explain to a literate, but nontechnical, readership how the road to political hell is paved with the best intentions. As he made clear, classical liberalism’s conflict with central planning was not over the shared goal of enhancing the well-being of the greatest possible number of people but over the way to achieve that goal.

Hayek’s thesis in The Road to Serfdom is that one intervention inevitably leads to another. The unintended consequences of each market intervention are economic distortions, which generate further interventions to correct them. That interventionist dynamic leads society down the road to serfdom.

In perhaps the best chapter of The Road to Serfdom, Hayek details “Why the Worst Get on Top” in totalitarian societies. The chapter begins with a quotation from Lord Acton: “Power tends to corrupt, and absolute power corrupts absolutely.” Hayek then elaborates the Actonian insight.

There are strong reasons for believing that what to us appear the worst features of the existing totalitarian systems are not accidental by-products but phenomena which totalitarianism is certain sooner or later to produce. Just as the democratic statesman who sets out to plan economic life will soon be confronted with the alternative of either assuming dictatorial powers or abandoning his plans, so the totalitarian dictator would soon have to choose between disregard of ordinary morals and failure. It is for this reason that the unscrupulous and uninhibited are likely to be more successful in a society tending toward totalitarianism. Who does not see this has not yet grasped the full width of the gulf which separates totalitarianism from a liberal regime, the utter difference between the whole moral atmosphere under collectivism and the essentially individualist Western civilization. …” 

http://www.cato.org/pubs/policy_report/pr-nd-gd.html

 

The Road to Serfdom

The Road to Serfdom is a book written by Friedrich Hayek (recipient of the Nobel Memorial Prize in Economic Sciences in 1974) which has significantly shaped the political ideologies of Margaret Thatcher and Ronald Reagan and the concepts of ‘Reagonomics’ and ‘Thatcherism’.[1][2] The Road to Serfdom is among the most influential and popular expositions of classical liberalism and libertarianism.

The book was originally published by Routledge Press in March 1944 in the UK and then by the University of Chicago Press in September 1944. In April, 1945, Reader’s Digest published a slightly shortened version of the book (still in print from the Institute of Economic Affairs), which eventually reached more than 600,000 readers. Around 1950 a picture-book version was published in Look Magazine, later made into a pamphlet and distributed by General Motors. The book has been translated into approximately 20 languages and is dedicated to “The socialists of all parties”. The introduction to the 50th anniversary edition is written by Milton Friedman (another recipient of the Nobel Prize in Economics 1976). In 2007, the University of Chicago Press put out a “Definitive Edition”. …”

“Hayek’s central thesis is that all forms of collectivism lead logically and inevitably to tyranny, and he used the Soviet Union and Nazi Germany as examples of countries which had gone down “the road to serfdom” and reached tyranny. Hayek argued that within a centrally planned economic system, the distribution and allocation of all resources and goods would devolve onto a small group, which would be incapable of processing all the information pertinent to the appropriate distribution of the resources and goods at the central planners’ disposal. Disagreement about the practical implementation of any economic plan combined with the inadequacy of the central planners’ resource management would invariably necessitate coercion in order for anything to be achieved. Hayek further argued that the failure of central planning would be perceived by the public as an absence of sufficient power by the state to implement an otherwise good idea. Such a perception would lead the public to vote more power to the state, and would assist the rise to power of a “strong man” perceived to be capable of “getting the job done”. After these developments Hayek argued that a country would be ineluctably driven into outright totalitarianism. For Hayek “the road to serfdom” inadvertently set upon by central planning, with its dismantling of the free market system, ends in the destruction of all individual economic and personal freedom.

Hayek argued that countries such as the Soviet Union and Nazi Germany had already gone down the “road to serfdom“, and that various democratic nations are being led down the same road. In The Road to Serfdom he wrote: “The principle that the end justifies the means is in individualist ethics regarded as the denial of all morals. In collectivist ethics it becomes necessarily the supreme rule.” …”

http://en.wikipedia.org/wiki/The_Road_to_Serfdom

 

The Road from Serfdom

Forseeing the Fall

Sometimes you have to live a long time just to be proved right. When Friedrich August von Hayek, born in 1899, died March 23 in Freiberg, Germany, he had outlived both Keynes and Marx. Happily for the human race, so have his ideas.

[Contributing Editor Thomas W. Hazlett interviewed Hayek in 1977, shortly before starting graduate school in economics at the University of California, Los Angeles.]  …”

http://www.reason.com/news/show/33304.html

 

“Road” Scholar

by Edwin J. Feulner, Ph.D.

“…Sixty years ago, master mapmaker Friedrich Hayek gave us his seminal work “The Road to Serfdom.” It was swiftly condensed by Reader’s Digest, and became an international best seller. Hayek’s insight would eventually earn him the 1974 Nobel Prize for economics (he’s probably the only Nobel-winning economist who’s also penned a bestseller), and because of him, we’ve been avoiding economic potholes ever since.

           
Hayek wrote the book at the height of World War II. At that time, virtually everyone in his adopted homeland of Britain was involved in the war movement in some way – and Hayek saw the danger in that. At that time of national crisis, government management of the economy made sense. With millions of people carrying arms and those at home busy making the weapons, only a central government could direct the overall economy.

 

 

 

 

 

 

 

But Hayek feared that citizens of the western democracies would draw the wrong conclusions – that, after the Nazis were defeated, too many people would call for continued state control of the economy. They would do so, he warned, in the mistaken belief that if they surrendered some measure of personal freedom to the government, the government would in return guarantee their personal and financial security.

 

 

 

 

Hayek correctly predicted that surrendering personal freedom to the government wouldn’t lead to greater security. It would lead merely to servitude – what Hayek called serfdom. …” 

 

  

 

http://www.heritage.org/Press/Commentary/ed022604c.cfm

 

Taking Hayek Seriously

http://hayekcenter.org/

 

William Easterly: Hayek’s Economic Development Insights

 

The Road to Serfdom – 1

 

The Road to Serfdom – 2

 

The Future of Austrian Economics

 

Hayek Speaks to Europe (1/5)

 

Hayek Speaks to Europe (2/5)

 

Hayek Speaks to Europe (3/5)

 

Hayek Speaks to Europe (4/5)

 

Hayek Speaks to Europe (5/5)

 

The Road to Serfdom

by Friedrich A. Hayek

http://mises.org/books/TRTS/ 

 

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Shania Twain–Videos

Posted on February 5, 2009. Filed under: Art, Blogroll, Links, Music, People, Quotations, Raves, Video | Tags: , , , , , , , , |

 

shawnia_twain

 

“Writing is very much a playground – an artistic playground. It’s the most fun thing I do. ” 

 

Shania Twain – Blue Eyes Crying In the Rain 1993

Willie Nelson and Shania Twain, Blue eyes crying in the rain

From This Moment On – Shania Twain Ft. Backstreet Boys

Shania Twain And Elton John

Shania Twain – You’re still the one

Shania Twain “I’m outta here”( Canada )

Shania Twain – Man I Feel Like a Woman! (Live at the Grammy

DIVA SHANIA TWAIN

Michael Jackson Watching Shania Twain Perform

 

Shania Twain – Dance With The One That Brought You

http://www.youtube.com/watch?v=LygEyxKoLzs

 

Shania Twain – No One Needs To Know

http://www.youtube.com/watch?v=T_bJrldC-wI

 

Shania Twain – God Bless The Child: Without Banjo

http://www.youtube.com/watch?v=oW5E4gzW9S4

 

Shania Twain – Forever And For Always: Red Edit Version

 http://www.youtube.com/watch?v=om4s71i0J5Q

 

Shania Twain – You’re Still The One: Blue Tint Version

http://www.youtube.com/watch?v=6XENujsU3Wg

 

Shania Twain – You’ve Got A Way

http://www.youtube.com/watch?v=7eEAP3Uo8a4

 

Shania Twain – I Ain’t No Quitter 

http://www.youtube.com/watch?v=wOOSJARsJmE

 

Shania Twain – What Made You Say That

http://www.youtube.com/watch?v=2nR-2ZeEIMc

 

Shania Twain – Any Man Of Mine

http://www.youtube.com/watch?v=JIqff16x1LE

Shania Twain – Whose Bed Have Your Boots Been Under

http://www.youtube.com/watch?v=k5e5Gh7zYtc

 

Shania Twain – Party For Two: Country Version

http://www.youtube.com/watch?v=w1faahKZ-D4

 

Shania Twain – Don’t Be Stupid (You Know I Love You): Dance LP Edit

http://www.youtube.com/watch?v=sE_zHBVQobA

 

Shania Twain – Honey, I’m Home: International Version

http://www.youtube.com/watch?v=IFpFoFrx-Y4

 

Shania Twain she’s not just a pretty face

http://www.youtube.com/watch?v=EWNtLt-pJik

 

Shania Twain – When You Kiss Me: Red Album Version

http://www.youtube.com/watch?v=YEUXVovEDg0 

 

Shania Twain – When

http://www.youtube.com/watch?v=tjZpPpWsvmY

 

Shania Twain – You Win My Love

http://www.youtube.com/watch?v=PTm6cDtGMBU

 

Shania Twain – That don’t impress me much

Shania Twain- Man, I Feel Like A Woman!

 

Shania Twain-Ka-ching

Shania Twain – Gonna Getcha Good

 

Shania Twain – Honey, I’m Home (Live @ TOTP Special)

 

shawnia_twain_bw

 

” I really feel like life will dictate itself. You should allow it to unfold as naturally as possible. Just go with the flow. When you’re really desperate, you say a few prayers and hope for the best. That’s the way I’ve always lived my life.”

 

Background Articles and Videos

 

Shania Twain

” Shania Twain IPA[ʃəˈnaɪə ‘tweɪn] OC (born Eilleen Regina Edwards, August 28, 1965) is a Canadian singer and songwriter in the country and pop music genres. Her third album Come on Over is the best-selling album of all time by a female musician and the best-selling album in the history of country music.[1] She is the only female musician to have three albums certified Diamond by the Recording Industry Association of America and is also the second best selling artist in Canada, behind fellow Canadian Céline Dion, with three of her studio albums being certified double diamond by the Canadian Recording Industry Association. Twain has achieved both critical and financial success, having received five Grammy awards, 27 BMI Songwriter awards,[2] and she has sold over 65 million albums worldwide to date including 48 million in the USA alone.[3]  …”

http://en.wikipedia.org/wiki/Shania_Twain

 

Shania Official Site

http://www.shaniatwain.com/about-biography.asp 

 

 

Shania Twain – Canadian Walk of Fame 2003

Shania Twain Order of Canada

 

Shania Twain – Interview – CityLine Canada, Part 1 (of 6)

 

Shania Twain – Interview – CityLine Canada, Part 2 (of 6)

 

Shania Twain – Interview – CityLine Canada, Part 3 (of 6)

 

Shania Twain – Interview – CityLine Canada, Part 4 (of 6)

 

Shania Twain – Interview – CityLine Canada, Part 5 (of 6)

 

Shania Twain – Interview – CityLine Canada, Part 6 (of 6)

 

Interview (Tore På Sporet, Norway)

 

Shania Twain – All I Want For Christmas Is You (Today Show)

 

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Obama’s Radical Socialism is Bad–Greed is Good–Cap Government Spending Not Wages!

Posted on February 5, 2009. Filed under: Blogroll, Economics, Employment, Investments, Law, Philosophy, Politics, Quotations, Uncategorized, Video | Tags: , , , , , |

 

obama_cap

Wall Street – Greed Is Good

 

Obama: Caps Executive Pay Tied to Bailout Money

 

Obama Slams Wall Street for $18 Billion Bonuses

 

Glenn Beck on Obama’s ‘Change’: Socialism

 

BAILOUT IS UNCONSTITUTIONAL: Sen. Tom Coburn (R-OK)

 

Rise and Fall of the National Industrial Recovery Act

 

Supreme Court vs. New Deal’s NIRA

 

Lawrence G. Hrebiniak: The Mismanagement of America, Inc.


 

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Milton Friedman – Free to Choose 1990 – 1 of 5 The Power of the Market PL 3/5

 

What is both irresponsible and unconstitutional is for the Federal Government to bailout failing banks and companies that are “too big to fail”.

If they are too big to fail–they are both too big and should fail.

Government intervention leads only to more government intervention.

First the government bails the bank or company out.

Then the Federal Government insists on conditions as to how the executives should run their business.

The Federal Government should not been running businesses.

That is not the  function of government

Boycott all companies and banks that have accepted a Federal Government bailout.

Do not work for any company or bank that has accepted a Federal Government bailout.

Time to cap the size of Federal Government spending and the National Debt–the Federal Government is out of control and fiscally irresponsible

When have you heard anything on the news about Federal Government employees being laid off?

The last time was when President Clinton cut the size of the military by about a third–the so-called “peace dividend”.

How many Government Departments has President Obama closed?

How many White House staffers (over 1,700) have been laid-off?

Time for some real change–downsize the Federal Government–starting with the White House staff.

No bailouts, no salary caps–smaller government.

Real Hope, Real Change.

 

Background Articles and Videos

Survival of the fittest

“Survival of the fittest” is a phrase which is shorthand for a concept relating to competition for survival or predominance. Originally applied by Herbert Spencer in his Principles of Biology of 1864, Spencer drew parallels to his ideas of economics with Charles Darwin’s theories of evolution by what Darwin termed natural selection.

Although Darwin used the phrase “survival of the fittest” as a synonym for “natural selection”,[1] it is a metaphor, not a scientific description.[2] It is not generally used by modern biologists, who use the phrase “natural selection” almost exclusively.

An interpretation of the phrase to mean “only the fittest organisms will prevail” (a view common in social Darwinism) is not consistent with the actual theory of evolution. Any organism which is capable of reproducing itself on an ongoing basis will survive as a species, not just the “fittest” ones. A more accurate characterization of evolution would be “survival of the fit enough.”[3] Furthermore, the term “fittest” or “fit enough” refers only to an organism’s ability to survive, and not necessarily to physical strength, intelligence, or any other characteristic regarded as positive by human beings. Thus, “survival of the fittest” could simply mean “survival of those who are better equipped for surviving,” which is a tautology.[4]

 

While the British economist Herbert Spencer is often credited with introducing the phrase “survival of the fittest” in his 1851 work Social Statics (relating to free market economics) or his First Principles of a New system of Philosophy of 1862, he actually did not use the phrase until after reading Charles Darwin‘s On the Origin of Species. and introduced it in his Principles of Biology of 1864, vol. 1, p. 444, writing “This survival of the fittest, which I have here sought to express in mechanical terms, is that which Mr. Darwin has called ‘natural selection’, or the preservation of favoured races in the struggle for life.”[5]

In The Man Versus The State Spencer used the phrase in a postscript to justify a plausible explanation for why his theories would not be adopted by “societies of militant type.” He uses the term in the context of societies at war, and the form of his reference suggests that he is applying a general principle.[6]

Thus by survival of the fittest, the militant type of society becomes characterized by profound confidence in the governing power, joined with a loyalty causing submission to it in all matters whatever.

In the first four editions of On the Origin of Species, Darwin used the phrase “natural selection“,[7] and preferred that phrase. However, Spencer’s Principles of Biology drew parallels between his economic theories and Darwin’s biological ones and made first use in print of the phrase “survival of the fittest”. Darwin agreed with Alfred Russel Wallace that this phrase avoided the troublesome anthropomorphism of “selecting”, though it “lost the analogy between nature’s selection and the fanciers’.” It was used by Darwin in the 5th edition of The Origin published on 10 February 1869, in a secondary header of Chapter 4 about natural selection[1] and at several places in the text, mostly using the phrase “Natural Selection, or the Survival of the Fittest”. He gave full credit to Spencer, writing “I have called this principle, by which each slight variation, if useful, is preserved, by the term natural selection, in order to mark its relation to man’s power of selection. But the expression often used by Mr. Herbert Spencer, of the Survival of the Fittest, is more accurate, and is sometimes equally convenient.” At this time the word “fittest” would have primarily meant “most suitable” or “most appropriate” rather than “in the best physical shape”.[citation needed]

http://en.wikipedia.org/wiki/Survival_of_the_fittest

 

Sen. Coburn: Obama’s stimulus is “morally reprehensible” and “the worst act of generational theft in our nation’s history”

By Michelle Malkin  

“…Sen. Coburn gave a terrific, moving, conservatively-grounded, and inspired floor speech late last night on the Obama Generational Theft Act of 2009. He defended market capitalism, assailed wealth distributionist programs and government corruption, and decimated the pork in the Democrats’ behemoth package.

Most importantly, he outlined repeatedly how this debt stimulus would be built on the backs of our children and grandchildren. He said last night on the floor: “This plan steals the future of the next two generations.”

On his website (and in a WSJ op-ed), Sen. Coburn reiterated this theme: “When the American people learn what this bill contains they will reject it. This bill is about spending money we don’t have on things we don’t need. We got into this mess by spending and investing money that didn’t exist. We won’t get out of this mess by doing more of the same. Yet, that is precisely what we are doing,” Dr. Coburn said. “Instead of delivering change, this bill celebrates the politics of the past. The bill represents both the mindless partisanship of recent decades, and the failed interventionist policies of the 1930’s. The Senate can, and must, do much better. As currently written, this bill represents the worst act of generational theft in our nation’s history.” …”

http://michellemalkin.com/2009/02/04/sen-coburn-obamas-stimulus-is-morally-reprehensible-and-the-worst-act-of-generational-theft-in-our-nation%e2%80%99s-history/ 

 

President Wants Cap On Executive Pay

“…CBS/ AP) President Barack Obama wants to impose a $500,000 pay cap on executives whose firms receive government financial rescue funds, a dramatic intervention into corporate governance in the midst of financial crisis.

The new restrictions, described by an administration official familiar with the new rules, are to be announced Wednesday morning at the White House. The steps set the stage for the administration’s unveiling next week of a new framework for spending the money that remains in the $700 billion financial rescue fund.

“If the taxpayers are helping you, then you’ve got certain responsibilities to not be living high on the hog,” President Barack Obama said Tuesday.

The move comes amid a national outcry over extravagant bonuses for executives heading companies seeking taxpayer dollars to remain solvent.

Call it the maximum wage for some high-earners.

The administration official, speaking on the condition of anonymity because the plan had not yet been made public, said the most restrictive limits would apply only to struggling large firms that receive “exceptional assistance” in the future. Healthy banks that receive government infusions of capital would have more leeway.

Firms that want to pay executives above the $500,000 threshold would have to compensate them with stock that could not be sold or liquidated until they pay back the government funds, the official said. …”

 

http://www.wwj.com/President-Wants-Cap-On-Executive-Pay/3786453 

 

President Nixon Imposes Wage and Price Controls

August 15, 1971.  In a move widely applauded by the public and a fair number of (but by no means all) economists, President Nixon imposed wage and price controls.  The 90 day freeze was unprecedented in peacetime, but such drastic measures were thought necessary.  Inflation had been raging, exceeding 6% briefly in 1970 and persisting above 4% in 1971.  By the prevailing historical standards, such inflation rates were thought to be completely intolerable.

The 90 day freeze turned into nearly 1,000 days of measures known as Phases One, Two, Three, and Four.  The initial attempt to dampen inflation by calming inflationary expectations was a monumental failure. 

inflation71

 

In 1971, the U.S. was also in the process of leaving the gold standard, which was intended to allow the value of the U.S. dollar to fall.  Compounding the situation were such events as Fed Chairman Arthur Burns and the Committee on Interest and Dividends (part of the controls apparatus) strenuously opposing banks attempting to raise the U.S. prime rate from 6% to 6.25% in February 1973.  Inflation rates were below 4% at the start of 1973, but reached 9% by the start of 1974, which would have made the real prime rate a negative 3%.  At the same time, interest rates were going up in foreign countries, putting enormous pressure on the dollar.

The wage and price controls were mostly dismantled by April, 1974.  By that time, the U.S. inflation rate had reached double digits. 

http://www.econreview.com/events/wageprice1971b.htm

 

Milton Friedman on Libertarianism (Part 4 of 4)

 

Milton Friedman on Self-Interest and the Profit Motive 1 of 2

 

Milton Friedman on Self-Interest and the Profit Motive 2 of 2

 

The Evolution Of Herbert Spencer 

 

Nixon imposes wage-price freeze

 

Senator Tom Coburn Tells Me Why He Likes Bloggers


 

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