Thanks for posting that Schlaes editorial about Hayek’s relevance, George. I can’t help remember that it was not even a year ago that the Wall Street Journal observed that “We’re All Keynesians Now.”
Facts have a nasty habit, however, of intruding upon statists’ free-lunch schemes and demand-curves-slope-up-this-year dreams. We saw a sterling example of rude facts’ trespass when, despite promises that the Obama stimulus would keep peak unemployment at 8 percent rather than the predicted 9 percent, post-stimulus unemployment reached 10.2 percent with no clue as to whether that was the peak or just another step in the upward climb.
