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Date: | Fri Mar 31 17:19:13 2006 |
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=================== HES POSTING ======================
A few days ago I inquired on the origin of the expression "a sloom followed
by a bump", used by Robertson in 1948. I have reasons to suspect that
Robertson wasn't the originator of the expression, because in 1939 James
Meade seemed to attribute the expression to Hayek.
In his kind reply to my query, Roger Sandilands indicates that Robertson
used this expression in his review in the March 1935 Economic Journal of
Lauchlin Currie's "The Supply and Control of Money in the United States"
(Harvard 1934). Roger suggested that the expression could have been
invented by Robertson himself.
Roger and I have exchanged some correspondence on that, and it turns out
that after all Robertson could have borrowed the expression from someone
else: in fact, he quotes it in inverted commas:
'True it is that in the American experience of 1922-29 -- the "sloom
followed by a bump" -- long-term deflationary and short-term inflationary
forces seem to have been intertwined in a most puzzling skein which it
still remains for history completely to disentangle.'
The problem is therefore still open. And Meade's attribution to Hayek could
after all be correct. I have checked the obvious sorces, but it could be
buried in some review or 'minor' writing by Hayek.
Again: can anyone help? Thank you.
Daniele Besomi
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