And here we have the heart of the difference between Hayek and Keynes: one knew that markets work to give us the best of all possible worlds, while governments create and exacerbate malfunctions; the other imagined that governments were somehow capable of both perceiving and correcting malfunctions by means of the printing press, provided the right technocrats are in charge.
-- Hayek’s Ghost Haunts Julianne Hough
Monday, August 29, 2011
Quote of the Day - Economics Edition
1 comments:
Even Keynes understood that Keynesianism was worse than a zero-sum game in the long run, thus the famous "in the long run we're all dead" comment in response to concerns about inflation.
Unfortunately the political desire to "Do Something" or to appear to be "Doing Something" is a powerful song to the ruling class.
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