quote: Hayek on the “Price Stabilizers”

A priceless — and timeless — quotation from Friedrich Hayek:

It is a curious fact that the general disinclination to explain the past boom by monetary factors has been quickly replaced by an even greater readiness to hold the present working of our monetary organization exclusively responsible for our present plight. And the same stabilizers who believed that nothing was wrong with the boom and that it might last indefinitely because prices did not rise, now believe that everything could be set right again if only we would use the weapons of monetary policy to prevent prices from falling.The same superficial view, which sees no other harmful effect of a credit expansion but the rise of the price level, now believes that our only difficulty is a fall in the price level, caused by credit contraction.

Friedrich Hayek, “Preface”, Monetary Theory and the Trade Cycle, p. 5.

1 comment to quote: Hayek on the “Price Stabilizers”

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[The questions of 'social philosophy''] are ‘philosophical’ only in the sense that certain widely but erroneously held beliefs are due to the influence of a philosophical tradition which postulates a false answer to questions capable of a definite scientific treatment. — F. A. Hayek

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