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by schuyler2d
603 days ago
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Not in the article, but the body of work (that you're clearly familiar with). If you believe the Fed/ability-of-the-Fed to smooth the boom/bust cycle, then you disagree with Hayek -- he wasn't (just) arguing for a generally free market -- he believed that all markets were perfect (especially/including the price value of Money). It turned out Keynes was right. |
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I think it's "too soon" to say that Keynes was right. Afaik, Hayek predicted the Great Depression based on the Austrian business cycle theory. I think that ABCT is mostly right, but it's probably imperfect. There's so much going on in the real world that it's almost impossible to say whether a policy or a theory or whatever actually caused something or didn't cause, and what would have happened otherwise.