What Happened?

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, ridding the whipping horses of “crisis”, “deflation” and “stimulus” to the largest takeover of the free economy in the nation’s history.

How did this happen?

via Taking Hayek Seriously – The Home Of The Friedrich Hayek Scholars Page.

Click on the link to read an the answer. The blog entry continues:

So the time is now for executives and college students and small business owners and journalists and the general public to intellectually arm up — and participate in the beating back of the Cargo Cult science of the new Keynesians.

Here’s your ammo.   All freely available on the internet.

This is followed by lots of links: if you’re up to it!


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