The Essence of Hutt

The Essence of Hutt

William H. Hutt’s outstanding accomplishment is his pathbreaking reconstruction of the macroeconomic analysis of price and resource allocation, the long-established core of neoclassical economics. He demonstrates its indisputable and abiding relevance to the macroeconomic problems of inflation, unemployment, and depression. In the course of this undertaking, Hutt presented a theory of unemployment and depression that, while completely consistent with the important macroeconomic truths embodied in a rehabilitated Say’s Law of markets, is fully capable of explaining observed macroeconomic fluctuations, including the puzzling and seemingly intractable contemporary problem of stagflation.

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