| Subject: | Re: [socialcredit] Money supply etc. | | Date: | Friday, January 12, 2007 23:21:57 (-0600) | | From: | Wallace Klinck <wmklinck @....ca>
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| In reply to: | Message 4453 (written by John G Rawson) |
It was not Hayek but William Stanley Jevons, 1835-1882, English economist and logician who, simultaneously with Carl Menger and Léon Walras, launched the Marginalist Revolution of 1871-4 which gave birth to Neoclassical economics. Jevons prepared a paper in which he advanced the idea that the cycles of the sun had and effect on growing patterns which affected supply and demand so as to alter the price level--and, consequently, accounted for the cyclical nature of the economy. He believed, I think, that efficiency had a negative side in that it leads to reduced prices and, consequently, to increased demand and a scarcity of resources. During the mid 1870's he devised a computer of sorts which could perform operations at a "super-human" rate. Some Social Credit authors have likened his "sunspot" theories to superstition and have criticized his ideas about inevitable scarcity as unfounded.
Sincerely Wally
On 11-Jan-07, at 1:32 PM, John G Rawson wrote: Quickly available data for NZ shows that the proportions of bank deposits to total M1 in NZ in the past were: 1935 - 56%, 1945 - 65%, 1955 - 75%. The present is about 97%. In passing, wasn't Hayek the bright gentleman that tried to atribute the slump to the sunspot cycle? Regards. John R.
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