Hayek was not a big fan of “supply side” economics

The growth of wealth comes via the accumulation of capital — i.e. ever more productive and mutually coordinated production goods, created by skilled and intelligent workers and entrepreneurs.

It doesn’t come via the accumulation of debt or via the consumption of the seed corn.

[UPDATE: see now related postings by Russ Roberts and Arnold Kling. . . . → Read More: Hayek was not a big fan of “supply side” economics

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I knew [in the mid 1930s] that there was something more fundamental than the difference [with Keynes] on [the question of the relation of employment to aggregate demand], but the concepts of this difference, between macro- and micro- theory, had then not yet become quite clear. It was only becoming aware of the fact that really [an engagement with Keynes and Cambridge macroeconomics more generally] to be discussion of the contrasts between micro- and macro- theory. — F. A. Hayek

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