ABSTRACT

 

It is never safe to dogmatize about human behavior. And as human behavior is the subject-matter of all economic theory, we are bound to recognize that there is no conclusion in the field of economics that may not be stultified by conduct sufficiently irrational and perverse. But that is not a good reason for abstaining from action and letting things drift in crisis, or for deliberately taking what according to all rational standards is the wrong course. (Hawtrey, The Art of Central Banking, 1932, p. 239)