Friedrich Hayek - Can We Still Avoid Inflation.pdf

Friedrich Hayek - Can We Still Avoid Inflation.pdf

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时间:2019-03-01

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1、CanWeStillAvoidInflation?FriedrichA.HayekInonesensethequestionaskedinthetitleofthislectureispurelyrhetorical.Ihopenoneofyouhassuspectedmeofdoubtingevenforamomentthattechnicallythereisnoprobleminstoppinginflation.Ifthemonetaryauthoritiesreallywanttoandareprepa

2、redtoaccepttheconsequences,theycanalwaysdosopracticallyovernight.Theyfullycontrolthebaseofthepyramidofcredit,andacredibleannouncementthattheywillnotincreasethequantityofbanknotesincirculationandbankdeposits,and,ifnecessary,evendecreasethem,willdothetrick.Abou

3、tthisthereisnodoubtamongeconomists.WhatIamconcernedaboutisnotthetechnicalbutthepoliticalpossibilities.Here,indeed,wefaceatasksodifficultthatmoreandmorepeople,includinghighlycompetentpeople,haveresignedthemselvestotheinevitabilityofindefinitelycontinuedinflati

4、on.Iknowinfactofnoseriousattempttoshowhowwecanovercometheseobstacleswhichlienotinthemonetarybutinthepoliticalfield.AndIcannotmyselfclaimtohaveapatentmedicinewhichIamsureisapplicableandeffectiveintheprevailingconditions.ButIdonotregarditasataskbeyondthescopeof

5、humaningenuityoncetheurgencyoftheproblemisgenerallyunderstood.Mymainaimtonightistobringoutclearlywhywemuststopinflationifwearetopreserveaviablesocietyoffreemen.Oncethisurgentnecessityisfullyunderstood,Ihopepeoplewillalsogatherthecouragetograspthehotironswhich

6、mustbetackledifthepoliticalobstaclesaretoberemovedandwearetohaveachanceofrestoringafunctioningmarketeconomy.Intheelementarytextbookaccounts,andprobablyalsointhepublicmindgenerally,onlyoneharmfuleffectofinflationisseriouslyconsidered,thatontherelationsbetweend

7、ebtorsandcreditors.Ofcourse,anunforeseendepreciationofthevalueofmoneyharmscreditorsandbenefitsdebtors.Thisisimportantbutbynomeansthemostimportanteffectofinflation.Andsinceitisthecreditorswhoareharmedandthedebtorswhobenefit,mostpeopledonotparticularlymind,atle

8、astuntiltheyrealizethatinmodernsocietythemostimportantandnumerousclassofcreditorsarethewageandsalaryearnersandthesmallsavers,andtherepresentativegroupsofdebtorswhoprofitinthefirstinstance

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