“The General Theory was published in 1936 and Hayek decided not to respond directly. In making this decision, Hayek committed what many defenders of the free market system consider to be one of the major tactical errors of this century.”
Even if the central bank were to be successful in preventing the fall of the money stock, this would not be able to prevent a depression if the pool of real savings is declining.
"While many academics in the developing world view economics as a zero-sum game, I never entertained the argument that wealth is necessarily due to exploitation."
