Jeffrey Sachs attacks Keynesian Policies, favors Hayekian Explanations

By Greg Ransom, on December 19th, 2012%

In the Financial Times:

“There are three more reasons to doubt the Keynesian view. First, the fiscal expansion has been mostly in the form of temporary tax cuts and transfer payments. Much of these were probably saved, not spent.

Second, the zero interest rate policy has a risk not acknowledged by the Fed: the creation . . . → Read More: Jeffrey Sachs attacks Keynesian Policies, favors Hayekian Explanations

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Friedrich Hayek is the twentieth-century social theorist who, probably more than any other, found himself vindicated by events — if not wholly, then at least in his central contention. He is also the one who, more than any other, himself exercised a significant political influence. — Michael Lessnoff
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