The Theory of Idle Resources: A Study in Definition Review

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The Theory of Idle Resources: A Study in Definition Review"W.H. Hutt's Theory of Idle Resources was first published in 1939, surely one of the earliest responses to Keynes's General Theory. Hutt goes for the heart of Keynes's prescription for recovery, which was to get idle resources moving, whether that is money, capital, or labor. If something isn't being employed right now, it is being wasted. Hutt responded at length that there is nothing uneconomic or necessarily inefficient about an idle resource. It is the decision of the owner to hold back when faced with a long-term plan, a judgment call concerning risk, a high reservation wage, or a demand for larger cash balances. In addition, there might be legal restrictions that are causing workers to withhold labor and capitalists to curb production. It makes for fascinating reading, and as I went through it, it struck me that both the Keynesian proposition and the response are still very much in play today."The Theory of Idle Resources: A Study in Definition Overview

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