The most famous economist of all time…

…didn’t understand economics, according to his chief rival:

Friederich Hayek was awarded the Nobel Prize for Economics in 1974.  He is one of the leading theorists of the Austrian School of economic thought.  He debated economic policy and theory with Mr. Keynes throughout the 1930s and 1940s until Keynes’ death in 1946.

Sadly, Keynes is the reason why we are having all of these problems in the economy today.  Governments are following the economic policy prescriptions of a man who had only a rudimentary understanding of economics.  If only Hayek had been more tenacious in his defense of the free market…

 

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Categories: Economics, Keynesian Economics, Opportunity Cost

Tags: , , ,

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