The good students of economic history marvel at how often human beings commit the same mistakes. In a draft about “How to Achieve a Sound Money (and avoid the Road to Serfdom)”, Antony Fisher quotes then British Prime Minister Callaghan. In The Wall Street Journal of January 31, 1977, under the title of “Keynes is Dead?” Callaghan is quoted “We used to think that you could spend your way out of recession . . .I tell you in all candor that the option no longer exists and that, insofar as it ever did exist, it only worked by injecting bigger doses of inflation into the economy followed by higher levels of unemployment as the next step. That is the history of the past twenty years.”
Each generation needs to be educated anew. True think tanks can’t and should not rest. Fisher’s recommendation is still valid: “The greatest possible contribution to sound economic thinking is a flow of good case studies and analysis of present economic problems with their correct solutions, regardless of political implications or possibilities.” Antony wanted to reach the universities, and the educated laymen, with NEW case studies, analyzing current reality and offering solutions: “The students, all too soon, go out into the world to carry the message with them. The adult reader, in whatever walk of life, helps spread the word.”
Good guide for Atlas Sound Money Project!