Abstract
A war of words is usually preferable to a real war because it inflicts less suffering on society. In economics, however, controversy generated by confusion and the misuse of language can often produce policies that inflict terrible — and needless — cruelties on many unfortunate members of society. Nowhere is this more obvious than when the subjects are money, unemployment, and inflation.
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Sources and References
Milton Friedman, ‘The Role of Monetary Policy’, American Economic Review, vol. 58, March 1968.
J. M. Keynes, The General Theory of Employment, Interest and Money.
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© 1996 Greg Davidson and Paul Davidson
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Davidson, G., Davidson, P. (1996). Unemployment Develops because Money doesn’t Grow on Trees. In: Economics for a Civilized Society. Palgrave Macmillan, London. https://doi.org/10.1057/9780230374874_8
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DOI: https://doi.org/10.1057/9780230374874_8
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-65497-2
Online ISBN: 978-0-230-37487-4
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