Gerald O’Driscoll explains the significance of the Hayek vs Keynes debate of 1932 for today. Quotable:
“Is all spending equally productive, or should government policies aim to simulate private investment? If the latter, then Mr. Obama is following in FDR’s footsteps and impeding recovery. He does so by demonizing business and creating regime uncertainty through new regulations and costly programs. In this he follows neither Hayek nor Keynes, since creating a lack of confidence is considered destructive by both.”
UPDATE — Can’t pass up another excuse to repost this:
After a month at the top of the Amazon charts and in the pages of America’s top newspapers, it’s time to say Hayek has indeed arrived.