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Can I read The Theory of Idle Resources on EtoBox?
The Theory of Idle Resources by Hutt, William Harold is a history book available to read on EtoBox.
What is The Theory of Idle Resources about?
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. This is certainly true as regards labor. In a changing economy, people move from sector to sector, something choosing periods of unemployment over employment at low wages. This makes sense for them. For this reason, it makes no sense to craft policies designed to achieve "full employment" since this means overriding human choice. In addition, there might be legal restrictions that are causing workers to withhold labor and capitalists to curb production. Hutt's demolition of the heart of Keynes makes for fascinating reading. Both the Keynesian proposition and the respon
Who reads The Theory of Idle Resources?
It is typically read by self-directed learners exploring a subject in depth.
Common subject areas: history, science, philosophy, social sciences.
- Author
- Hutt, William Harold
- Publisher
- Ludwig von Mises Institute
- Published
- 2011
- Language
- EN
- ISBN
- 9781933550954
- Category
- history
- Subjects
- Education, Fiction, Economics
- Rating
- 4.31 / 5 (9 ratings)
- Updated
- 2026-03-14