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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My main contention is that the tautologies of which formal equilibrium analysis in economics essentially consists can be turned into propositions which tell us anything about causation in the real world only in so far as we are able to fill those formal propositions with definite statements about how knowledge is acquired and communicated. — F. A. Hayek

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