Wednesday, November 27, 2013

Away from Freedom by Vernon Orval Watts

Status: One Round of QC (11.27.2013)


ISBN: 978-1-61016-110-7
eISBN: 978-1-61016-485-6

Fix Notes:

Page 14: par. 4: possibility

The student will find in Keynesian textbooks little objection to any government “investment” except the possibilty that it may temporarily reduce employment by discouraging timid investors in competing private industries.

Page 15: par. 2: extra quotation by accident

In other words, the Keynesian proposal for “compensatory”’ deficit spending by government implies abandonment of the gold standard in favor of a “managed currency,” that is, inconvertible paper money, or fiat currency.

Page 19: par. 1: Samuelson

He might also ask why Sam-ueleson believes a 10-billion dollar deficit in future will not lead to printing money or selling interest-free bonds to the Federal Reserve Banks, whereas much smaller deficits in the past led to large issues of paper money in this country and necessitated large purchases of government securities at nominal interest rates.

Page 26: par. 1: administer

The function of government is to adminster justice, that is, to preserve freedom, not to dictate activities.

Page 64: par. 3: counterfeiter

Instead, it enables those to whom the government gives the new currency to get goods without giving goods in exchange—as a countefeiter does.

Page 69: par. 3: double comma

We came into the period of the second World War with a heavy obsolescence, a large body of unused technological ideas, and a great deal of idle capital,, and, as shown by the foregoing table, with 9,080,000 men unemployed, on the average, in the year 1939.

Page 78: bottom par.: political

There are only various estimates arrived at by bureaucrats subject to polti-cal pressure and bureaucratic red tape.

Page 94: par. 0: messed up right quotation

[...] or relationships used in national-income analysis is fixed or stable, not even the “propensity to save’‘’ or the rate of turnover of funds.

Page 105: Footnote 31: Accidentally is number "13"

Page 105: Footnote 48: Economic

(Irvington-on-Hudson, New York: The Foundation for Ecoonmic Education, 1947),

Page 105: Footnote 50 says "05".


Page 33: par. 1: moreover (?)

In general, moveover, Keynesian proposals for “compensatory” policies follow Marxian Socialism in seeking to force individuals to obey the rule, [...]


I added periods to the numbering on page 28-29, 53-54.

Page 37-39: Footnote 41 is missing in the text.

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