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21 de Junio de 2010

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Todo un hombre de Estado
Bitácora de Juan Ramón Rallo Julián

Cita económica del 21-VI-2010

A marked rise of the general price level consequent on an inflationary credit expansion is the necessary pre-requisite of the boom ending in the subsequent crisis, but no rise of this kind is necessary in order to put an end to the depression by reabsorbing the idle reserves of productive capacity and man power. The contrary view rests on a confusion of the compensatory credit expansion necessary for overcoming the depression with the inflationary credit expansion responsible for the later boom. As the example of the New Deal shows, any attempt at overcoming the depression by spasmodic efforts of raising the price level is only apt to give a misleading and dangerous turn to trade-cycle policy. In so far as the Gold Standard hinders these attempts so that there does arise a real alternative between this kind of trade-cycle policy and the Gold Standard, it means that it places difficulties in the way of an ill-advised sort of trade-cycle policy, which is hardly a reason for regret.

Wilhelm Röpke, Crisis & Cycles, 1936, p. 170-171


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