Um, Mr. Krugman, excellent economists at the Bank for International Settlements have been using Hayek’s ideas to understand the boom and bust throughout the various stages of the current cycle, beginning a decade ago. And they have been using Hayek’s work in tandem with that of your newly discovered hero Hyman Minsky. So what is up with all of these falsehoods?
You’ve often admitted Mr. Krugman that you can’t bring yourself to read any “prose” economics published before your time as a graduate student in the 1970s, and you’ve proven you haven’t read it many times in your embarrassing and error filled attacks on work you self-evidently do not know. [UPDATE – Peter Klein reminds us that Krugman, “once opened a keynote speech at a conference honoring Bertil Ohlin by admitting he hadn’t read Ohlin.”]
So why not just be up front about it, Mr. Krugman. You are acting as a hatchet man attacking science you don’t comprehend to fulfill some emotionally crippled space in your psyche. Nothing else could explain such a public display of blatantly ignorant and unscientific ravings.
For some idea of what all sorts of top economists other than Mr. Krugman think about Hayek, read some of the quotes found here.
Former BIS chief economist William White’s boom & bust works referencing Hayek can be found here. BIS economist Claudio Borio’s writings referencing Hayek can be found here. Credit Suisse economists Jonathan Wilmot, James Sweeney, Matthias Klein, and Carl Lantz on Hayek, shadow money and liquidity crashes can be found here.
BONUS: Hayek & the Nobel Lectures given by the Nobel Prize winners in Economics.
UPDATE: Alex Tabarrok on Hayek’s place in the history of macroeconomic thought.
UPDATE II: “Are there any adults left out there?” — Bruce Caldwell replies to David Warsh on Hayek & the history of economic thought.