By John Jewkes
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Extra info for A Return to Free Market Economics?: Critical Essays on Government Intervention
Or take the very important matter of the relation between the size of, or the degree of monopoly possessed by, industrial organisations and the frequency of invention and industrial development. There are economists (I fear I am one of these) prepared to deliver themselves of generalisations on the subject. Yet we have practically no systematic knowledge in this field and only a handful of workers interested in it. Or take the patent system: on the one side, it is described as essential for industrial progress, on the other, it is condemned as obsolete.
In this White Paper the conditions which would have to be satisfied if Governments were to be able to honour this undertaking were carefully • Published here for the first time. 40 A Return to Free Market Economics·' laid down and the dangers of ignoring the declared warnings were fully spelled out. For almost a quarter of a century, between 1945 and 1970, unemployment in Britain remained very low, rarely rising above 2t per cent, without incurring any danger of serious inflation.
Faire, p. 238. 4· This is a case where in 1953 I myselffell into the trap ofpredicting too confidently. My present view (see p. 124) is that ours is an epoch of comparative technological sluggishness. 1. A Return to Free Market Economics·' The Economist and Economic Change• Anticipations will be assented to much more readily than interpretations, because being deduced from a few instances, and these principally of familiar occurrence, they immediately hit the understanding and satisfy the imagination; whilst on the contrary interpretations, being deduced from various subjects, and these widely dispersed, cannot suddenly strike the understanding, so that in common estimation they must appear difficult and discordant, and almost like the mysteries of faith.
A Return to Free Market Economics?: Critical Essays on Government Intervention by John Jewkes