blogs: Stacy McCain Is Taking This “Public Intellectual” Thing

And running with it.  McCain explains why “Reaganism” without Hayek and Mises is not really Reagan.

Money quote:

if you haven’t read Hayek and Mises and the other economic thinkers who influenced Reagan, you are missing a fundamental cornerstone of Reagan’s worldview.

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2 Responses to blogs: Stacy McCain Is Taking This “Public Intellectual” Thing

  1. MattYoung says:

    Wouldn’t Hayek disapprove of Reagan’s massive deficits?

  2. Greg Ransom says:

    Matt Young writes:

    “Wouldn’t Hayek disapprove of Reagan’s massive deficits?”

    That would be correct.

    Hayek was a critic of tax cuts without spending cuts.

    The central difference between Hayek and Milton Friedman on this is that Hayek’s economics included production goods, and Friedman’s economics didn’t.

    An economics which acknowledges the existence of production goods is an economics that focuses on interest collection and payment as the core relative price reflecting the creation or consumption of wealth.

    Hayek wrote a letter sometime in the 1980s explaining how a government policy premised on massive borrowing was essentially a policy based on eating the seed corn.

    I’ll look in my files and see if I can’t find that letter.

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