The Desperado's Policy of Inflation

The economist should not conceal the fact that to aim at the maximum of employment which can be achieved in the short run by means of monetary policy is essentially the policy of the Desperado. This manufacture of unemployment by what are called full employment policies is a complex process. In essence, it operates by temporary changes in the distribution of demand, drawing both unemployed and already employed workers into jobs which will disappear at the end of inflation. To this I would like to add, in reply to the constant deliberate misrepresentation of my views by politicians, who like to picture me as a sort of bogey whose influence makes conservative parties dangerous.