Wednesday, March 30, 2011

Friedrich Hayek, Zombie (Krugman)

I used to teach Hayek in my Business Ethics course. Hayek was wrong about so much, but it's his reasons for his predictions and economic beliefs that libertarians and conservatives love so much. Many of my conservative students ended up enjoying slogging through Hayekian theory about the liberal social order of our capitalist market. Truly zombie economics, undead ideas. The stuff will not go away, and it needs to.

And isn't this the problem with what Conservativism has become? It's a system based on ideals without any grasp of reality.

Anyway, Brad DeLong had written about this and Paul Krugman has now had a go. Good reading.

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