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Date: | Fri Mar 31 17:19:00 2006 |
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================= HES POSTING =================
On 23 September 1997, Michael Perelman asked the following:
>Hibbs, Douglas A., Jr. American Political Economy: Macroeconomics and
>Electoral Politics (Cambridge: Harvard University Press): cites Harry G.
>Johnson, "From one important point of view, indeed, the avoidance of
>inflation and the maintenance of full employment can be most usefully
>regarded as conflicting class interests." Hibbs gives no source and tells
>me that he cannot locate his source in his files. Does anybody know where
>Johnson wrote this?
In The Canadian Quandary, Economic Problems and Policies (Toronto: McGraw
Hill) Johnson (1963, 27) argued that choosing a higher unemployment
position on a Phillips curve to keep inflation under control in order to
satisfy the balance of payments - was "a curiously contorted morality =85
austerity= means keeping down the cost of living for the middle class at
the expense of the jobs of the working class".
Robert Leeson
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