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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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