Just as the interventions of the Hoover administration in the early 1930s led to a massive increase in government under the New Deal and the abandonment of the gold standard, so too have the "stimulus" packages gotten us to the point where raw money printing is a policy option.
Robert Lucas misses two important reasons why government/Keynesian stimulus schemes fail miserably.
Mises and Hayek are widely considered the most eminent liberal thinkers of the twentieth century. But, there are differences in their two legacies.
It's important to spell out exactly why she's wrong, because her viewpoint is gaining traction among the progressive Left.
The Chinese economic miracle is nothing but a redder version of Keynesianism.
Chartier amasses point after point in his relentless case against the state.
When Khrushchev said, "We will bury you," he meant it. Communists buried 85 million people in the 20th century.
The main weapon applied by both the right- and the left-wing antiliberals is calling their adversaries names.
It's no mystery that Bernanke's incredible dollar pumping would send worried investors into safe-haven currencies (gold and silver) that cannot be debased. We don't need to draw up fancy models to get inside investors' heads; these people are screaming their motivations at us every day.
I say to Judge Posner, look to Hayek on the business cycle, the way you did on law and economics.
