johnm h Wrote:
Jan 24, 2013 6:29 PM
Some folks here still debate Keynes, most know it fails the common sense test, but many who studied econ 101 or beyond are still enamored of the model in spite of its lack of empirical results. The latter should read Hayek. Hayek regretted never writing a comprehensive deconstruction of Keynes; and while he debunked it, he did so in bits and pieces over the years. He never wrote the definitive critique because he did not think Keynes would be taken seriously. Hayek dismissed Keynes’ macro observations because Keynes wasn’t an economist, but a policy guru, yet he respected him for his brilliance, for this criticism of the early monetarists, and for his article of the “Economic consequences of the peace”.