According to the likes of Harkness, Reagan s free-market policies should have created more poverty and done little or nothing for unemployment. Let the reader decide between Harkness ideological prejudices and the facts. Furthermore, average US incomes are 20 per cent higher than Japan s and about 17.6 higher than Germany s. Yet the kind of market flexibility that made this possible is continually attacked by the likes Harkness. His claim that recessions are market a problem only indicate how backward much Australian economic thinking is.
Markets are, in fact, inherently stable.
Harkness claim that they lack the ability to forecast has no real substance and finally leaves bare his utter ignorance of market processes. In the case of socialists, however, the market is defied at the peril of others.