If Socialists Understood Economics, They

We Did Not Realise How Fragile Our Civilisation Was.

It Is One Of The Saddest Spectacles Of Our Time To See A Great Democratic Movement Support A Policy Which Must Lead To The Destruction Of Democracy And Which Meanwhile Can Benefit Only A Minority Of The Masses Who Support It. Yet It Is This Support From The Left Of The Tendencies Toward Monopoly Which Make Them So Irresistible And The Prospects Of The Future So Dark.

To Combat The Depression By A Forced Credit Expansion Is To Attempt To Cure The Evil By The Very Means Which Brought It About.

Hayek Was Making Us Think Of The Productive Process As A Process In Time, Inputs Coming Before Outputs.

Without A Theory The Facts Are Silent.