Michael Polanyi’s Economics
By Paul Craig Roberts, T. Norman Van Cott
This article appeared in the Spring 1999 issue of The Independent Review

Philosopher Michael Polanyi was also a prescient economic thinker who, while considering himself a Keynesian, showed the importance of money in the macroeconomy 20 years before the monetarist revolution. His 1945 book, Full Employment and Free Trade, is one of the under-appreciated gems of twentieth century economics.

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