Some austrian perspectives on unintended consequences

Review of Austrian Economics

Volumn 10, Issue 2, 1997, Pages 91-100

  Gallaway, Lowell ^a  

^a OHIO UNIVERSITY   (United States)

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EID: 53249096083     PISSN: 08893047     EISSN: None     Source Type: Journal    
DOI: 10.1007/BF02538486     Document Type: Article

References (19)

1. Of course, the phrase human action brings to mind Ludwig von Mises's tome, Human Action: A Treatise on Economics (Chicago: Henry Regnery, 1966).
2. The basic data are from the National Income and Product Accounts, U.S. Department of Commerce, Bureau of Economic Analysis. See Economic Report of the President (Washington, D.C.: U.S. Government Printing Office, 1977), table B-80, P. 393.
3. Current interest in the Laffer Curve concept is rising. In the week following the presentation of this article, a conference with the theme "Innovative Applications of the Latter Curve" was held in Washington, D.C.
4. Press release title 546 Prominent Economists Oppose Dole Tax Cuts: Plan's Assumptions "Not Credible" According to Group (Washington, D.C.: Economic Policy Institute, September 24, 1996).
5. "Relief is no Solution," New York Times, February 2, 1962.
6. "Johnson Signs Bill to Fight Poverty: Pledges New Era," New York Times, August 21, 1964.
7. For details of the escalation, see Lowell Gallaway and Richard Vedder, Poverty, Income Distribution, the Family, and Public Policy (Washington, D.C.: U.S. Goverment Printing Office, 1986), pp. 36-37.
8. This remark was made in a personal conversation during a visit to the Ohio University campus by Professor Williams in October 1986.
9. The Poverty-Welfare Curve was introduced at a June 20, 1985, hearing held by the Joint Economic Committee of the U.S. Congress. See Lowell Gallaway, Richard Vedder, and Therese Foster, "The 'New' Structural Poverty: A Quantitative Analysis, in War on Poverty - Victory or Defeat? (Washington, D.C.: U.S. Government Printing Office, 1986).
10. Economic Report of the President, 1977.
11. Economic Report of the President Ibid., table B-27, p. 331.
12. Based on data reported in Current Population Reports, Series P-60, Income and Statistics Branch/HHES Division
13. Lawrence R. Klein, The Keynesian Revolution (New York: Macmillan, 1947).
14. Lorie Tarshis, "Changes in Real and Money Wages," Economic Journal 49 (1939): 150-54,
15. and John Dunlop, "The Movement of Real and Money-Wage Rates," Economic Journal 48 (1938): 413-34.
16. Keynes's remark may be found in chapter 2 of his The General Theory of Employment, Interest, and Money (New York: Harcourt Brace, 1935). Specifically, on page 10, he offers the following opinion, " I think that the change in real wages associated with a change in money-wages, so far from being usually in the same direction, is almost always in the opposite direction." Tarshis and Dunlop, "The Movement of Real and Money Rates," found that in both the United States (Tarshis) and Britain (Dunlop), real and money-wage rates were significantly positively correlated.
17. Keynes, The General Theory.
18. Letter, dated December 29, 1992, from Kenneth Arrow to Lowell Gallaway [sic].
19. R obert Higgs, "Austrian Economics and the New Economic History," Austrian Economics Newsletter (Summer 1995): 2-3.