Monday, February 02, 2009

ammo: Arm Against the Keynesian Counter-Revolution

ammo: Arm Against the Keynesian Counter-Revolution: "A generation ago Keynesian economics was dead and buried, abandoned even by the most influential Keynesian economist of them all, John Hicks. It had been killed by the re-discovery of Hayek (by Robert Lucas , Alex Leijonhufvud, and John Hicks, among others), by Milton Friedman — and by stagflation. Keynesian economics was rejected by the great political figures of the time. By Thatcher and Reagan who looked to Hayek, not Keynes. And by the leaders of the states of the former Russian Empire, by the Chinese, and across the European continent, who again looked to Hayek (and Friedman), and not Keynes.

But today the free market and the ideas of Friedrich Hayek are under massive assault. The Keynesian are again in the saddle, riding the whipping horses of “crisis”, “deflation” and “stimulus” to the largest takeover of the free economy in the nation’s history."