Jeffrey Sachs attacks Keynesian Policies, favors Hayekian Explanations

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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Whenever the government is asked to decide how much of a thing is to be produced, who is to be allowed to produce it, who is to be excluded from producing it, who is to have that privilege and this privilege .. It is against this kind of planning, exclusively, that I am arguing [in The Road to Serfdom]. — F. A. Hayek

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