The gnome thought experiment

posted by
September 8, 2011
Ludwig von Mises Institute
by Robert P. Murphy  
Posted in Commentary

"Smith brought up what I consider to be the strongest argument against the Austrian position, namely that during a recession there appear to be 'idle resources.' According to the Keynesian view, if government spending could mobilize those resources (including unemployed workers), then it carries little opportunity cost from a society-wide perspective." (09/08/11)  

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