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By F. A. Hayek
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Extra resources for A Tiger By the Tail
Keynes apparently held that if there were no entrepreneurial profits or losses in the aggregate, total output would be held constant. Hayek replied that if profits in the ‘lower’ stages of production (nearer consumption) were exactly counterbalanced by losses in the ‘higher’ stages, there would be a contraction in the capital structure and a fall in output and employment—even though there were no aggregate profits or losses. In his reply, Keynes failed to take up the numerous substantial criticisms made by Hayek.
Perhaps this may be thought an extreme case. But, once the principle has been adopted, it is difficult to see how it could be confined to ‘reasonable’ limits, or indeed to say what ‘reasonable’ limits are. But let us disregard the practical improbability that a policy of stabilisation will be followed in the countries where, with stable exchanges, the price level would rise, as well as in the countries where in this case it would have to fall. Let us assume that, in the countries which benefit from the increase of the demand, the prices of other goods are actually lowered to preserve stability of the national price level and that the opposite action will be taken in the countries from which demand has turned away.
In fact however each of the two chains—that started by the decrease of somebody’s income in A, and that started by the increase of another person’s income in B—may continue to run on for a long time after they have passed into the other country, and may have even a greater 18 THE M ISUSE OF AGGREGATES number of links in that country than in the one where they started. They will come to an end only when they meet, not only in the same country but in the same individual, so finally offsetting each other.
A Tiger By the Tail by F. A. Hayek