By Ludwig Albert Hahn, Henry Hazlitt
L. Albert Hahn was once probably the most very popular economists and bankers in Germany earlier than the warfare yet he used to be unknown within the US till this translation of his paintings seemed in 1949. He immigrated to the USA in 1940. This e-book is his frontal assault at the Keynesian approach, which he calls the economics of phantasm. He exhibits how govt spending creates a fake prosperity, and not greater than in wartime. He explodes a lot of Keynes's fallacies, and with nice precision too considering the fact that, it seems, Hahn himself as soon as complex those similar fallacies earlier than he observed their error. So he writes with the fervour of a convert. Mises inspiration very hugely of Hahn's paintings, and none except Henry Hazlitt has written the advent to this vintage anti-Keynesian paintings. 281 pages, 6" x 9", paperback** [C:\Users\Microsoft\Documents\Calibre Library]
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Additional info for The Economics of Illusion: A Critical Analysis of Contemporary Economic Theory and Policy
But an economy which perpetuates this method into peacetime, and makes it the deciding factor for its working, is no longer a private capitalist economy. There is only one legitimate means of increasing employment in such an economy, namely, by inciting the enlargement of existing and the establishment of new enterprises. This can be achieved by creating conditions under which new investments seem to be profitable. It may be difficult to create such conditions because of certain maladjustments in important cost factors which have developed in this country.
This can be achieved by creating conditions under which new investments seem to be profitable. It may be difficult to create such conditions because of certain maladjustments in important cost factors which have developed in this country. Nevertheless, there is no other way out than to try to remove these maladjustments. Therefore, the endeavor to counterbalance existing maladjustments through government spending—not during short transitory periods, but in the long run—will lead to disappointment.
The illusion of the enriching power of modern wars is created by the fact that every individual counts his bonded claims against the government as among his assets, while forgetting that as a member of the community he is liable for the government's debts. Therefore, financing wars by taxation always meets more resistance than financing by loans. The two methods lead to the same result: purchasing power is drawn away from the individual, whose consumption is curtailed in favor of the war effort.
The Economics of Illusion: A Critical Analysis of Contemporary Economic Theory and Policy by Ludwig Albert Hahn, Henry Hazlitt